14 Jul Around the Web: A Week in Summary
The following information has been sourced by Business Brokerage Press for the benefit of the business brokerage community. The views of these articles do not necessarily represent the views of Business Brokerage Press. We hope you find this information helpful.
A recent article from Boss Magazine entitled “Should You Sell Your Business In A Recession?” explores whether or not it is wise to sell a business during a recession. There are circumstances where it may be more profitable to sell, and there are circumstances where it may be more profitable to wait.
Reasons why it may be a good idea to sell include:
- The business sees an increase in sales
- The business specializes in necessary goods and services
- The business sees a reduction in sales
- The business was already ready to sell
Reasons why it may be a good idea to wait include:
- When fear is driving the business sale
- When the owner is still passionate about the company
- When there is potential for growth
Click here to read the full article.
A recent article from WilmingtonBiz entitled “So You Want to Sell Your Business” discusses important pre-transaction and post-transaction considerations for selling a business. Selling a business is very challenging, so knowing what to expect can help you navigate this process.
Pre-transaction considerations include:
- Understand Your Why and the Who
- Be Prepared
- Make Improvements (Enhance Value)
- Engage Professionals
- Plan for Life After Exit
Post-transaction, expect to work hard to transition the business to the new owner. A typical transition period is 60-90 days.
Click here to read the full article.
A recent article from BizBuySell entitled “What Kind of Lawyer Do You Need To Sell Your Small Business?” discusses the importance of hiring a lawyer when selling your business and what type of lawyer is a good fit. Lawyers typically specialize in a particular area, so it is best to seek out one that specializes in business transactions.
When speaking with lawyers who you are considering hiring, ask them about their experience with the following:
- Advise on negotiation strategies
- Advise on implications of various financing options
- Draft or review the buy-sell agreement
- Advise on how to structure the sale
- Advise on tax consequences
- Conduct and respond to due diligence
- Manage the transfer of ownership and any associated legal liabilities
