If you are selling your business, it is important to think like a buyer. If you were a buyer, would you be looking at revenue numbers, or profit? Would you buy a business that offered “potential,” or would you be looking for a business which was established and realizing that potential already? It is important to know that buyers are keenly aware of claims and promises, as well as the risks of these promises being unfulfilled.
When selling your business, there are several key points to keep in mind to protect against litigation in the future, should your business fail to perform.
-
- First, buyers want to know that once a business acquisition is finalized, the enterprise will continue to grow and produce profits after you are no longer directly involved with the company. Take care to provide solid evidence of growth over the course of the business’ lifetime and the projected future.
-
- Second, have a plan for growth that you can show the buyer, a plan you would employ if you were to continue to own the enterprise.
-
- Third, it is always crucial to a seller’s success to have a team of professionals to manage the sale process. Accountants, appraisers, and legal counsel are experienced in helping businesses through the sale and purchase process, and can help you avoid future legal problems associated with the sale. Having an agent sell your business is especially important for buyers who are not located in the same area.
Why Hiring a Corporate Lawyer Is a Must
Developing an idea into a business model and then a real-world, ongoing project, and then realizing success, is both exhilarating and profitable. Some business owners intentionally start a business with the intention to sell at a certain point in the business’ growth.
The most successful entrepreneurs and investors have a plan in place and are aware of what will be involved in selling a business for profit. In most cases, those business owners are represented by experienced, skilled corporate legal counsel.
Hiring legal counsel can be a difficult decision if you don’t currently have a relationship with a law firm you trust. If you are planning on selling your business, know that the process involves a great deal of legal documentation. It is critical that all legal documents and contracts are drafted carefully, and every detail in an offer or contract is thoroughly reviewed prior to making an agreement with a buyer.
Contact Kerkman & Dunn Today
Take the time to select your legal counsel after speaking with several firms in your locale. The Milwaukee corporate law attorneys at Kerkman & Dunn are very familiar with the processes involved in assisting business owners to sell their interests for the most possible gain, and with the least amount of risk. Our business litigation attorneys have been helping business owners since 1983, and have deep experience in all matters associated with the sale or purchase of a business.
Take the time to meet with us so that we can explain in detail how we can help your business sell. We are always available to take your call and to set an appointment that is convenient for you and your busy schedule. Contact us today for a free consultation.
