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What to consider when selling a business

There are many mistakes that could cost a North Carolina business owner money when it comes to sell the company. First, an owner may not understand what the company is worth before putting it on the market. This is generally considered to be a key step in an exit strategy. However, 65 percent of business owners haven't put a value on their company while 85 percent don't have an exit strategy at all.

In addition to not knowing what their company is worth, an owner may lose money by waiting too long to sell. An exit strategy may account for issues such as economic downturns or a lack of interest in running the business when determining the right time to sell.

Business owners may benefit from negotiating with more than one potential buyer when trying to sell their companies. Although it may seem easier to negotiate with only one entity, having multiple suitors for the company could increase the sale price. It may also make it easier to find a buyer who is able to conduct the transaction in a manner suitable for the seller. It is important to let the sale process play out in a reasonable amount of time. It can take up to eight months from the time a company goes on the market until a deal closes.

In many cases, these types of business transactions can be complex. It is extremely important that the purchase agreement and supporting documentation be prepared correctly. This is why many owners who are looking to divest themselves of their compannies find it advisable to have the assistance of an attorney from the outset.

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What to consider when selling a business | Britton Law, P.A.