Selling a business is a celebratory milestone for most business owners. It reflects the hard work you have put into making a business idea manifest into a profitable company. As a business planning attorney, I have provided legal advice and guidance to many business owners during the sale of their business. If you are considering selling your business, you should research the attorney’s qualifications to ensure they obtain the best deal possible while protecting your legal interests. Read on to learn more about what you should look for in a lawyer when selling your business in Florida.
Look for an Attorney That Knows Your Business’s Value
One of the first steps in selling any business is determining its value. A business planning lawyer can help you find an appraiser to conduct a valuation. Ask the attorney how his past clients have determined their business value. Determining an accurate business value will help you know how to approach the negotiations and when to walk away from an unreasonable offer.
Hire an Experienced Contract Negotiator
Not all business attorneys are experienced with negotiating buy/sell transactions. Ask the lawyer to describe his negotiation style and if he has ever advised his client to walk away from an offer. This will provide you with insight as to what the lawyer considers important when negotiating on behalf of his client. You and your attorney definitely need to be “on the same page” about what you want from the transaction, and what terms you are willing to do not want to hire an attorney who folds during negotiations. The attorney should be able to clearly identify the needs of both parties and discuss with you in confidence how to structure the best deal possible so that everyone walks away satisfied.
Hire Team Players
The successful sale of a business requires the assistance of several professionals. A business planning lawyer who has experience selling businesses can help you put together a group of professionals to get the deal done. For example, a certified public accountant (CPA) should be consulted to help you understand all applicable tax consequences when it comes to selling your business. Your CPA can show you the tax aspects of a business sales or acquisitions, because if the sale of your company isn’t documented properly, you could owe the IRS a huge sum of money. In addition to a CPA, the lawyer may also recommend a business broker and a banker in place to help facilitate the transaction.