It’s Business, And It’s Personal

How to approach exiting a company

| Oct 4, 2018 | Buying & Selling Businesses |

Business owners in North Carolina have an important decision to make when it comes time to retire. They could choose to sell the company to a competitor or to their employees. They could also choose to leave it to family members or simply shut the company down. There are many factors that will go into that decision such as how a sale or closure could impact employees or the community in which the company operates.

Those who are looking to sell their company should consider how a new owner may operate it differently. This could result in key employees leaving or being terminated after the sale is completed. In many cases, it can be difficult to determine the true vision that a new owner may have during the due diligence process. It is important for anyone looking to sell to know that whoever buys the company has the right to run it as he or she sees fit.

Therefore, it is important to not take any differences in vision between the old owner and the new one personally. Ideally, business owners will talk to those who have sold companies in the past before they decide to engage in that process themselves. Doing so may make it easier to properly price the company to sell in a timely manner.

Anyone who is looking to sell business assets may benefit from having legal counsel. Doing so may make it easier to go through the due diligence process or otherwise expedite the process of completing the sale. In addition to an attorney, it may be a good idea to work with an accountant and other advisers. They may all have relevant experience as it relates to valuing or selling a company.

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