If you are looking to sell your business it’s important to have trusted attorneys by your side. You've invested considerable money, time, and effort into building and growing your business, so while selling it might be emotional, a good attorney can help to make the transaction smooth and successful. Hiring an attorney can alleviate the stress of dealing with uncertainties and significantly reduce your risk of financial liability, even after the sale is finalized. Let’s take a look at how business attorneys help assist their clients in the sale of a business. As a business owner, your focus is rightfully dedicated to the details that make your company successful, but there are many complex steps to selling a business that require specific knowledge and careful planning. A mergers & acquisitions attorney understands the business sale process thoroughly. They will guide you through each stage of the process, ensuring you are advised of potential threats, presented with strategic advantages, and prepared to handle the transaction efficiently and effectively. A good attorney doesn’t simply draft documents, they can help you improve the structure of the transaction itself. From optimizing the tax impact to the owners, to limiting your financial liability post-closing, good legal representation can help you earn, and keep, the highest return on your years of hard work. Selling a business is almost never a handshake deal or an as-is sale, and if you don’t have a full understanding of the multitude of promises implied by the sale of a business, you could find yourself liable for broken promises you didn’t even know you made. In structuring a sale transaction, a good attorney can help you determine the most mutually beneficial way to receive the fair value of your business. With creative planning of the payment mechanics, you can increase your ultimate payout, limit costly contingencies, and even plan for unknown elements of future-value, enabling you to receive fair compensation for difficult-to-value aspects of your business. When it comes time to draft the documents, an attorney can help you negotiate the terms, and create a contract that is clear, thorough, and easy to understand. A professionally-drafted transaction agreement not only aids in achieving your goals and objectives, it protects the parties by establishing clear expectations, deliverables, and timelines. This helps to ensure there are no surprises or misunderstandings, paving the way to a smooth and amicable closing. In addition to the documentation between the Seller and Buyer, third-parties are often heavily involved in the sale of a business. In many cases a successful sale requires the involvement of a landlord, government agencies, banks, franchisors, or other service providers like vendors or licensors. If any of these important relations of the business are forgotten or left behind, the liability for any related losses usually falls on the Seller. Good legal representation is critical to keep track of all the details to ensure that nothing, and nobody, slips through the cracks. On Closing Day, an experienced attorney can mean the difference between an exciting day worthy of celebration, or a day full of unwelcome surprises and stressful emotions. By the time the closing arrives, the Buyer and Seller have worked collaboratively, often for months, to create a profitable opportunity for the Buyer and a lucrative exit for the Seller. Missteps at this point can create mistrust, disappointment, and feelings of betrayal, all which can detriment, or destroy, the post-closing relationship. With the help of an attorney, you can rest assured that the Closing will go off without a hitch, and that your hard work getting to the finish line is rewarded. Finally, a good lawyer can make sure your post-closing obligations are fair and don’t overly impact your post-closing plans. It is common for the Seller to make non-competition promises, or to agree to assist the Buyer with training. However, treating these important obligations as afterthoughts can lead to frustration and litigation, creating costly losses and souring the experience. Careful planning with your objectives in mind can ensure that the process after the Closing is as smooth as the transaction before it. A good attorney doesn’t stop looking out for you once pen is put to paper, they will continue to protect your interests until all the dust has settled, and long after. Whether you're experienced in selling a business or not, having an attorney's support is invaluable. They will ensure nothing is missed during the sale, giving you confidence and peace of mind. With your interests safeguarded, you can move on to your next chapter with success. If you're thinking about selling your business, reach out to us today. We're passionate about helping business owners sell and make successful transitions.