Selling a Business: Getting Your House in Order
People sell businesses for all sorts of reasons. You may have grown bored of it, may have rocky relationships with business partners, or have gotten to the point where it’s taking a heavy toll on your life in other areas. Howard Lewis & Petersen is here to help when you’re ready to sell a business.
While you can enlist the aid of consultants, accountants, or brokers, you will definitely need to hire a Provo business law attorney to help navigate the sales process. There are a lot of documents and fine print involved with business sales. Provo business law attorneys should be at the top of your list of necessary team members.
Knowing When to Sell Your Business
When you’re asking the all-important question of “should I sell my business,” there are a few things to check off the list before coming to a decision. Some of the questions you should consider include:
- How Much Is My Business Worth?
- How Long Will It Take To Sell?
- Do I Have Outstanding Business Debt?
- What Documents Do I Need To Have In Order?
- What Options Do I Have As A Seller?
The first step toward a successful sale is to be adequately prepared. So, ensuring you have viable answers to all of these questions will give you a good indication of whether or not you’re in a solid position to wheel and deal for a business sale.
What Happens When I Sell My Business
One of the best ways to sell a business is to assemble a team of professionals to ensure all documents are in order and other areas are properly assessed. Business sales are not the same as other types of sales.
Fielding potential buyers involve numerous steps that you will need financial and legal professionals to help manage. If you’re ready to sell, it is imperative to have a certified accountant, consultant, or broker on speed dial. However, your first team member should always be a business attorney.
When you sell a business, you’re possibly selling numerous assets enveloped within the business, too. Therefore, various aspects will need to be analyzed throughout the sales process. You’re not just selling the business. You’re selling everything involved in the business, as well.
General estimates suggest that it could take up to a year for the sales process to finalize, but that also depends on the solidity of potential buyers. Of course, that’s the benefit of building a good team of professionals to assist with evaluating entities interested in purchasing the business.
When the business is sold, you’ll probably end up with a profit from the sale. Wisely managing those profits is fundamental for future endeavors, whether you’re interested in starting another business or retirement.
Figuring out what to sell the business depends on your business structure and who is purchasing the business. Are you selling parts of the business or seeking a buyer that will fully acquire the company? Do employees have stock options? Are you planning to sell to a competitor? All of these factors (and much more) can impact your business valuation. Therefore, help determine what price to ask for in a business sale.
Howard Lewis & Petersen can be an invaluable asset for your advisory team when it’s time to sell your business. A business sale can be a very complicated endeavor, involving tons of paperwork and assessments of various factors. If you’re selling your business, get in touch with Howard Lewis & Petersen today.
