Planning a strategic exit from your business takes forethought, proper planning, and professionals - especially a well-chosen attorney. In the following paper you will receive advice on how to select an attorney to represent the sale of your business.
Selling a business is a complicated process, add to that the stress of preparing yourself and the business for the transaction and the undertaking can go south quickly. By hiring an attorney, you can alleviate some of the situational stress and enjoy the expertise of a professional. An attorney will be able to perform or provide:
Hiring a professional and knowledgeable attorney is easier said than done. Following are a number of questions that should be brought up when interviewing and selecting a lawyer to represent the sale of your business.
Do you have direct experience supporting the sale of a business?
If the answer is no, then move on. Only an experienced, transactional attorney will be able to thoroughly support your business sale process. Moving a step further an attorney with experience in your industry, with your business size and deal complexity will ensure the highest level of quality.
What is your approach to negotiating and deal making?
This question takes into account how you would ultimately like the sale of your business to turn out. How does your prospective attorney think and how will they choose to negotiate the trade-offs between risk and reward. This will ensure that when it comes down to it they will be negotiating with your best interest in mind.
What is your fee structure?
Fee structure can be a deal breaker even with all other things considered. Nailing down exactly how an attorney plans to bill you will ensure that they will deliver the outcome you want at a price that won't shock you at the end of the day.
Perform a Reference Check
The final measure of your attorney will be their reference check. How better to understand an attorney than through their previous clients, colleagues, and peers. This will shed real light on how they conduct themselves in the line of business.
A good attorney will give you guidance and counsel but an attorney specifically versed on the ins and outs of selling a business similarly aligned with your own, a great attorney, will put you on a path to a successful and satisfying transaction, by your own standards.
This article was written by Al Fialkovich, the Managing Director of Transworld Business Advisors of Denver. Transworld is the top business brokerage firm in Colorado. Their service area covers the state of Colorado, focusing on the Denver Metro, Boulder and Golden areas. They assist visionary entrepreneurs with buying a business or selling a business in Colorado.
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