Selling Your Florida Business

It can be difficult to make the decision to sell your business, particularly if you have spent years building it from the ground up. However, there are some times when selling up is the best option, and in order to make the transaction as smooth as possible, consulting an attorney can make a difference. It can be the difference between a successful sale and a sale beset with problems.

Several Things To Verify

Before selling your business, it is crucial that you have asked yourself the right questions to ensure an effortless transaction. There are certain factors that must always be considered, no matter the nature of your business itself. Examples include:

• Do I need an exit strategy? While many people decide to sell their businesses, many also fail to properly plan their role – if any – going forward. They may want to remain in a reduced role; they may want to start a new business or work for a different one, or they may choose another path – but too many fail to plan at all.
• Is it the right time to sell? Knowing the market is important, and trying to sell your company during a time when money is tight will mean you are effectively stuck in limbo.
• Am I valuing my business appropriately? It is all too easy for business owners to surrender to the temptation to ‘talk up’ their business, to overvalue it or make promises the company cannot keep. Doing this when trying to sell the business is not a good idea, for multiple different reasons.

Know The Process

Once these questions are answered, understanding the process itself can also help you feel more secure. While there are few legal requirements in terms of selling a business in Florida, there is a procedure to follow in order to ensure that the proverbial Ts are crossed and Is are dotted. Many buyers attempt to take advantage of a seller who does not have legal representation.

The first and foremost step that many take is to enlist a real estate agent or broker, who then will reach out to buyers on your behalf. They will handle the day-to-day issues, but the most important things you can do in the meantime are to properly appraise your business with a licensed appraiser, and to engage an attorney to represent your interests if a buyer negotiates. The right one will protect your interests and confidentiality, hopefully guiding you toward closing and beyond.

Contact A Seminole, FL Business Law Attorney

The sale of a business can feel like the end of an era. If you are intending to sell yours, enlisting the right attorney makes all the difference. A Florida business law attorney from the Hunt Law Group can help answer any questions or concerns you might have about the legal process. Call our office today at (727) 471-0444 to schedule a consultation.