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Good preparations may make selling a business easier

Sometimes, a business owner’s efforts to sell their business go pretty smoothly. Other times, they can get very rocky and encounter numerous roadblocks.

Many different things can end up impacting how such efforts end up going for a business owner. One is how legal matters are dealt with during the course of the sale. Disputes or problems when it comes to legal matters related to the sale of a business could have the potential to delay a possible sale or throw it off the tracks. Thus, being properly prepared for the major legal issues of a sale can be very important when a business owner is selling their business. So, when a business owner is moving towards selling their business, promptly speaking with a skilled business law attorney is something that could prove helpful.

How challenging finding a buyer ends up being is another thing that can have impacts on how smoothly efforts to sell a business go for a business owner. A variety of things can impact how likely a business owner would be to quickly find a suitable buyer for their business.

One is how attractive the company is to buyers. Examples of things that can influence how attractive prospective buyers would find a given business include:

  • The quality of the business’ management.
  • The types of employment contracts present when it comes to the company’s management.
  • The business’ standard operating procedures.
  • The quality of the business’ record-keeping.
  • The types of revenue the company has.
  • What proprietary assets and processes the business has.
  • The business’ growth pattern.

A wide range of different business decisions a business owner makes during the course of running their company can influence these types of things. So, among the things a business owner might want to keep in mind when making such decisions is how/whether the impacts of the decision could potentially affect their ability to sell the company in the future.

Source: The Huffington Post, “Exit Planning: 8 Steps to Prepare Your Small Business,” Matt Roberge, June 7, 2016

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