Selling a Business/Professional Services Firm

Selling a Business/Professional Services Firm

Business owners sell their businesses for any number of reasons. Regardless of the impetus for the sale, one thing is certain: The sale transaction is a critical point in the life of a small business. It requires a high degree of professionalism, focus, and objectivity. Things can go wrong, resulting in loss of business value and income or even a stalled sale.

All of these are significant challenges facing the business owner who decides to tackle the sale of a business alone. They become all the more challenging when you consider that the average time to market and close a business sale can be upwards of 18 months.

The Process of Selling a Business or Professional Practice

There are a number of steps to selling your business. Ideally, you would have begun planning your exit strategy with a business attorney years before you intended to leave your business, which would help reduce your stress and increase the likelihood that your sale is successful.

As you initiate the succession plan you’ve put in place for your company or your professional practice, you’ll go through the follow broad steps:

The Business Attorney’s Role

The process of selling a business requires multiple sets of skills. Your skill set is entrepreneurship, which is an absolute necessity to run the business effectively. But selling a business is a team sport. Throughout the sale process, there will be legal minefields to navigate. You could face intricate securities requirements or complicated contractual provisions that require a skilled legal mind to manage. Going either of these alone can spell disaster for your deal or for its ultimate benefits to you. Your business attorney will assist at many points in the transaction. Principally, he should be part of the initial offer, he should negotiate and prepare the contracts for the sale to ensure that each document is legally sound, comprehensive, and reflects the unique aspects of your sale, and he should close the transaction with you.

Start Planning Your Exit Strategy with Us

When you sell your business, what you want is a legal advisor with real-world business experience, who can learn about and understand your business interests, and who will give you practical advice to help you accomplish your objectives. Fortunately, here at Alexander Business Law, we focus exclusively on business-related legal matters. We have advised closely held businesses and business owners for over 25 years on business succession arrangements and sale transactions. We can work with you through the course of the sale process to help you understand and mitigate your legal risks, negotiate and draft the transaction documents, and close the deal, so that you maximize the value of your business sale. If you’ve been thinking about selling your business, now is the time. The earlier you get started developing and implementing an exit strategy, the more profitable it will ultimately be. Call us today at (407)649-7777 or submit the contact form below so we can help you sell your business and capitalize on all your hard work.

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