How to Handle the Sale of My Business to Someone Else
Business Lawyer in Rockville, MD
You’ve put your heart and soul into your business, but the time may come when you’ll want to either step away and let someone else take over or sell a portion of it to another person or organization. This is perhaps the biggest decision of your professional career, so you want to make sure you’re doing what’s best and that you handle every step of the process appropriately and effectively.
Hire an Experienced Attorney
A skilled legal professional can do much more than represent you in civil and criminal cases. A capable lawyer can also help you complete the right steps to selling your business. Your attorney will advise you on how this could work to your advantage and when you might want to hold off. The legal professional will have the knowledge and skills to walk you through the process and documentation necessary to help ensure things go smoothly and according to your wishes.
Sell to Someone You Trust
Because you’ve invested so much in your company, you want it to be in good hands, even if you plan to retain part of it. Plus, if you’re selling a certain percentage to a partner, you’ll be working closely with this person for the foreseeable future. It’s vital that the two of you shared the same goals and align your objectives. Involve a person you know has the best interests of the company at heart.
Be Prepared to Call It Quits
If you’re thinking about selling a portion of your company, chances are good that the time isn’t far away when you’ll walk away entirely. It’s helpful to prepare an exit strategy today so the final selling of the company can be a smooth transition. Without proper preparation, your eventual retirement could be more awkward of difficult on the organization.
Get Your Finances in Order
Bringing in new or additional ownership can cause concern among clients and prospective buyers. You can eliminate many of these worries by cleaning up the books and putting your company on more solid financial footing. Work with your accountant to get things in order for the new regime to take over and so your customers can have the assurance and peace of mind they need during these changes.
Ownership changes can be a challenging decision for everyone involved. By working hand in hand with a business lawyer in Rockville, MD and employing these other factors, the selling of your business can be a positive experience for both you and the company.
Contact the Law Office of Daniel J. Wright for their insight into business law and business sales.