Business Sale Lawyer Connecticut
If you are planning on selling your business, you may want to consult a business sale lawyer Connecticut residents trust. Selling a business can be quite complicated, and you want a knowledgeable and experienced lawyer from Eric Lindh Foster Law, LLC on your side. Here are some common mistakes to avoid when selling your company.
Not Fixing Up Your Business Beforehand
Just like you might spruce your home before putting it up for sale, it may also be wise to fix up your business before selling it. After all, you want to make your company as attractive as possible to prospective buyers. For instance, you may want to reduce personal expenses through the company, as they can lower your company’s earnings. You may also want to take a look at your current staff members. They should be able to effectively run the business without you.
Making the Sale of Your Business Too Public
At first, it might not seem like a big deal to advertise to the public that you are selling your business. However, this can actually make it more difficult to sell your company. If your customers find out that you are selling your business, they may worry that you won’t deliver your goods or services. That is why you should be a little more discreet. An experienced broker will be cautious when selling your business by not identifying the name of your business.
Failing to Tell the Truth About Your Business
While you want to make your business look attractive to buyers, you should not misrepresent anything about your company. For instance, a Connecticut business sale lawyer would advise you against inflating your company’s sales to prospective buyers. Likewise, you want to be honest about any pending litigation, taxes and formation of your company.
Neglecting to Value Your Business
Before you put your business up for sale, you will want to conduct a proper valuation of your business. Otherwise, you might have trouble selling your company as quickly as you would like. If you set your price too low, for example, buyers might think that there is an issue with your business. If you price your business too high, not many people will want to buy it either.
Having Your Broker Do All the Work
When many business owners put their company up for sale, they expect their broker to do all the work. While a reputable broker will work hard to effectively market your business, you too have to stay engaged in the selling process. You know your business better than anyone, so you can convince buyers to purchase it. Ask your broker how you can help in marketing your business.
If you need help selling your business, you may want to speak with a Connecticut business sale lawyer from Eric Lindh Foster Law, LLC.