July 15, 2020  
 
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Selling a Company

 

Selling an Employment and Labor Law Attorneys Business

Although an employment and labor law attorneys business may not be completely recession-proof, the best companies can survive nearly any storm. All it takes is a strategy to identify solid prospects and convert them to buyers.

It's a fact: Successful business sales take time.
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Most employment and labor law attorneys businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.

Preparing Family Members

Since your business was a family affair, your family members should also be involved in its sale Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. Unless everyone is prepared for it, the sale could have a devastating effect on your family. Subsequently, selling an employment and labor law attorneys business should allow opportunities for all family members to share their feelings and offer input about the sale process.

Legal Concerns

We run into a lot of employment and labor law attorneys business sellers who intend to wait until the final contract to negotiate details. Big mistake. With few exceptions, sale structure is hammered out early, in the Letter of Intent . By the time the deal reaches the final contract, many of its features are set in stone. Never sign a Letter of Intent until it has been properly reviewed by your attorney and you are in complete agreement with everything it contains.

Leveraging Seller Concessions

Seller concessions are becoming more commonplace in business-for-sale transactions. By far, seller financing is the most sought-after concession, especially in the current economic environment. With entrepreneurs struggling to secure capital, you may be the buyer's only source of financing. Other common seller concessions include staying on the mentor the new owner, non-compete clauses, and working as a consultant to mitigate the impact of new ownership.

More Exit Planning Articles

Ready to learn more? You may find these additional resources to be of interest.

Why Most Businesses Do Not Have Exit Plans

Marketing an Employment and Labor Law Attorneys Business

Pros and Cons of Using Business Brokers


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