December 3, 2020 is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

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Selling a Company


Selling an Asbestos Law Firm

The decision to sell your asbestos law firm isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.

The economy isn't the only thing that is uncertain these days. So are asbestos law firm buyers, many of whom are waiting to pull the trigger on their next acquisition.
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Despite the overall mood of the marketplace, asbestos law firms are still an attractive investment, especially when sellers have invested time and energy in preparing their companies for a sale.

The Best Person to Sell Your Asbestos Law Firm

An unassisted business sale is a double-edged sword. On the one hand, no one knows your business better than you do. When it comes to earnings potential, asset condition, and other considerations, you are the world's leading expert on your company. The problem is that your passion for your business can also sabotage your sale. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the asbestos law firm to gain an objective sense of fair market value.

Workforce Concerns

As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the asbestos law firm on the market. Your employees will undoubtedly have many questions about their future with the company. Try to answer their questions to the best of your ability, but avoid making any promises that you are not authorized to make.

Pre-Sale Checklist

The upfront time you investment in the sale of your asbestos law firm will pay big dividends at closing. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Armed with a realistic timeframe and asking price, you can begin to consult with your broker about the best way to approach likely buyers.

More Info on Business Transitions and Related Articles

Given your interest in exit planning and in asbestos law firms, you might find these additional resources to be of interest.

Marketing an Asbestos Law Firm

Entrepreneurial Exit Strategies

Five Tips for Maximizing Your Business Sale Price

How to Sell a Business

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