Business Sale? Make a Solid Plan for the Transition

Going into business for yourself can be one of the greatest challenges you will ever face, and at the end the business sale may be just as exhilarating. Chances are back when you were in the daydreaming phases, the conceptual stages, and the ‘thinking about doing it’ moments, you had no idea what you were in for. For the new business owner, no matter how much schooling you have had, the true learning comes through experience. From hiring and firing and handling a wide range of employee issues, to worrying over capital and daily finances, to ordering and taking in deliveries, the list of duties can be overwhelming, and we haven’t even mentioned all that it takes to keep your number one priority—customers—happy.

Looking back is probably a bittersweet experience and looking forward to selling your business and getting out of it altogether may seem almost unbelievable after all the hard work and time spent building your company. For whatever reason, if you are considering moving on to greener pastures now, consult with your business attorney about how to streamline the process. Along with seeking out an experienced business broker, skilled legal help from a professional like Attorney Shane Coons will help you with the following steps:

Forming an exit strategy as early as possible – these types of details should also be included in any partnership contracts, outlining how shares will be divided or bought out.
Figuring out the value of your company – this is one of the most important steps, obviously, as it will give you and your attorney negotiating power when a potential buyer comes along. In this analysis, you may want to include your accountant or a company that specializes in such research.
Preparation of all the necessary contracts and paperwork – once the deal is negotiated and accepted, your attorney will draw up contracts for the sale. Other details that should not be ignored are purchasing of stock, intellectual property ownership, transferring of employee and independent contractor contracts, and more.

Along with legal, financial, and contract talk, preparation for selling your business should also involve a lot of clean-up and polishing to attract a potential buyer. Consider whether you want to discuss the impending sale with your employees, as they may become nervous when they see the business being shown to potential buyers. Communication is key and may help the transition go much more smoothly if your team is enthusiastic about working with the new owner.

Call now at 949-333-0900 or email us at Shane.Coons@seclawoffices.com. We will be glad to meet with you to review your case and explain how we can be of help.

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Business Sale? Make a Solid Plan for the Transition

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