Why do you need an experienced business attorney when planning for the sale of your business? What are the steps in this complicated process and who can guide you through it to ensure a smooth and profitable conclusion?
The Watkins Firm has represented the San Diego business community and parties in buy sell agreements for decades. Over the next five years, roughly three million US business owners are expected to sell their company in all parts of the United States, including here in Southern California.
While no two businesses or sales are the same, the counsel of an experienced business attorney when planning the sale of your business can help to ensure that the right steps are taken along the way.
The first step in the process is usually to establish the valuation of the business. Financials will need to be reviewed to make sure they are accurate. Prospective purchasers will want to know whether or not the company is increasing in value or stagnant.
It is also important to ensure a reliable leadership team is in place not only for the sale of your company, but after the transaction is complete as well. The selling owner needs to make sure the new leader is able to take over the company and continue down the same path toward success.
In many cases contracts are established to which employ the existing owner or keep them in place as a consultant for a period of months after the transaction is consummated. This helps to ensure a smooth transition and also provides a mechanism to iron out and balance issues associated with business performance or financials.
Many people are interested in selling their business, but some never make this happen because they are unsure of which steps to take and have no idea what to expect as the process moves forward. Planning the sale of a business as soon as possible will go a long way in ensuring a smooth and efficient process.