It’s Business, And It’s Personal

When it’s time to sell a business

On Behalf of | Oct 12, 2018 | Buying & Selling Businesses |

Many business owners in North Carolina have worked for a long time to build their organizations. At some point, however, these entrepreneurs may decide that it is time to sell their businesses and move on to conventional employment, a new venture or retirement.

Facilitating the sale of a business can be a delicate and complex matter. This is in part due to the emotional and financial investments that entrepreneurs put into their businesses. It is understandable that current owners would want new owners to appropriately care for employees as well as customers. In addition, business owners may have to rely on the income from the sale to provide for retirement or as seed capital to be invested in new enterprises.

Legal and business advisers generally agree that it is crucial for owners who are selling to act quickly so that they do not miss out on opportunities that may come their way after the sale. However, it is also essential to carefully prescreen and evaluate any potential buyers. For example, the owner may want to verify the assets of a potential buyer to ensure that the deal will actually go through. Another consideration is whether a potential buyer has a business ownership or management background that will help ensure future success.

Because of the complexity of selling a business, many entrepreneurs may benefit from consulting with an experienced business attorney. An attorney may be able to assist in screening buyers, negotiating with a potential buyer’s attorney and drawing up contracts for transferring ownership.