Do You Really Need a Lawyer to Sell a Business?

December 09, 2018 6:28 pm.

Do You Really Need a Lawyer to Sell a Business?

When a business owner has made the decision to sell, he might be tempted to try to complete the deal without a lawyer. Especially if the owner has a particular viable buyer in mind, he might believe the process can be finalized without too much outside help. But even when the sale seems completely straightforward, business owners benefit enormously from the services of counsel. Below are just a few of the key ways lawyers assist in the sale of businesses.

Assembling a Team

Any time a business sale takes place, the owner needs to perform certain tasks in advance, including valuation of the business, examination of the tax implications, and review of all contract obligations. Rather than attempting to do these yourself or hiring separate experts for each task on your own, your lawyer will have access to a team of people to assemble on your behalf. Your attorney will likely have a network of professionals with expertise in matters of accounting, valuation, tax law, and marketing to help you form a team that confidently covers every aspect of your sale.

Minimizing Risk

Selling a business involves some significant risks. For instance, many sellers will take some part in the financing of the deal or will act as guarantor for debts. This opens the seller up to the necessity of his continued presence in the business and ongoing liability to debtors. That said, an outright refusal to participate in financing or debt guarantees can turn off solid buyers or drive down the price of the sale.

When you sell your business, you want to make sure you are minimizing your future risk while capitalizing on sound opportunities to effectuate the best deal. An experienced attorney can identify all your potential liabilities and guide you toward an agreement that protects you and your assets.

Negotiating the Best Agreement

Your business sale should absolutely end in the best agreement for you. Sometimes, this will involve some compromise, and a lawyer can help you decipher areas for compromise that do not interfere with your main objectives. Because of your attachment to the business and the sale process, your judgment might be justifiably clouded if you tried to engage in negotiations on your own. A lawyer will spot issues you might have missed and hone in on areas where you can gain ground. Your attorney will advocate on your behalf while keeping a clear eye on your goals to ensure you leave the deal with an agreement that meets all of your needs.

If you are considering selling your business or have already taken steps toward a sale, Larsen Law Offices, LLC, can make the process as smooth as possible. You can schedule a consultation with Larsen Law Offices to discuss your goals and opportunities for the sale by calling (303) 520-6030 today.