Business Selling Attorney

Over the next twenty years, the majority of personally owned businesses will change hands as the Baby Boomers retire. Many times I’ve seen business owners without succession or transfer plans simply shutter the doors of a perfectly viable business that could be sold.

Some things to consider years in advance of your retirement:

1)     When do you want to retire or sell the business?

2)     Is there a new competitor coming into your business market?

3)     Is there going to be a change in your industry?

4)     Is your family /employees going to take over?        

a.      If so, how are they going to compensate you for the sale?

b.     Are these family members or employees capable of running the business without you?

c.      What is the transition plan?

                                                    i.     Do you step successor owners into the business? Eg. transfer a small ownership interest over a course of years.

d.     How are you going to be compensated?

5)     How to value your business?

6)     Who are the buyers?

7)     How will you be paid? Beware of the risks involved with seller financing*

8)     Do you continue to expand? By example, extending leases, upgrade equipment

9)     How do you market your business for sale?

Next steps:

1)     Get a CPA involved.

2)     Talk with your financial advisor(s).

3)     Meet with an attorney.

In researching selling businesses, the market is in flux. I see websites advertising businesses for sale, but many involve fledgling franchises or businesses. I don’t see much movement or search engine optimization by the ‘business brokers’.

Subject to the firm’s sole discretion and approval, this website will consider listing businesses for sale. It must be a valid business.

Contact Sanders Law Firm, PLLC 336-724-4707 for business needs including: LLC organization, incorporations, business agreements, franchises, collection cases, business disputes, sale or purchase of a business.