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How and when to sell your business

It can be a particularly difficult decision to sell a business. Business owners put significant amounts of time, money and effort into creating their companies. When the time comes to sell, the process can be daunting.

The decision to sell your business can be made much simpler when you know it’s the right time and you understand how to sell it. In this post, we’ll discuss when is the best time to sell a business and the process of selling it.

When to sell

In an ideal situation, you would be able to sell your business when the economy is robust, you made significant profits, and the horizon looks good. In reality though, it may be more difficult. Sometimes the decision to sell a company depends on personal circumstances and economic realities.

Analyze your situation carefully: Decide what your priorities are and what would motivate you to walk away from the business. You should also start planning well in advance. Selling should not be an impulsive decision. Wait to sell your business until you have analyzed every aspect and have created a plan.

How to sell

Once you have decided to sell, you should consider taking the three next steps:

  • Determine the value

Rather than inadvertently setting your price too low or too high, get an accurate appraisal to determine the value of your business

  • Find a buyer

Even though the market for business is inconsistent and the process may be lengthy, finding the right buyer is a crucial step in the sales process.

  • Finance the sale

It is very common for sellers to finance at least part of the sale. Be shrewd when structuring the financing, though: You want to ensure that the new business owner will pay the loan in its entirety.

You will likely only have one shot at selling your business, so it is critical to get it right the first time. The counsel of a business attorney can help you make the decisions that are best for you and your company.

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Robert Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the May issue of The American Lawyer & Corporate Counsel magazine.Alex Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the December issue of The American Lawyer & Corporate Counsel magazine.

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