Why You Should Consult A Lawyer When Selling Your Business
If you are considering selling your business, chances are that you’re also debating whether or not to hire someone to assist you. Understandably, asking someone else for their opinion on what’s essentially your baby, can come with its set of doubts.
You may feel like it’s an unnecessary expense, or simply that nobody knows your business as well as you do – of which the latter may be true. However, when it comes to hiring a corporate lawyer, you may want to reconsider. Oftentimes not hiring one can cost you a lot more in the long run.
Gain a fresh perspective
As a business owner, you care about what’s at stake, more so than anyone. However, you also run the risk of being blinded by this passion. This is why sometimes hiring an outsider for their services can provide you with some much-needed guidance, opening your eyes to see things you otherwise wouldn’t.
On occasion, these insights may not always be positive. However, they are just as important as any positive findings. Gaining a clear understanding of the reality of your business’s worth, for example, will help you to keep your expectations in check, and to remain on the same page as any potential buyers.
Having a lawyer to support you also means you’ll be able to spend time on other important things, focusing on what’s to come as you enter into a new chapter of your life and career.
Know your business’ worth
A good lawyer can help you to assess all of your assets correctly. Sure, it costs money to hire someone to help you, but their years of expertise on the matter could make or save you a lot of money, too. The last thing you want is to sell your business – your heart and soul – for less than it’s worth.
Hiring a lawyer also opens up a professional channel for negotiations, because chances are that the amount your business is worth will be different from the buyer’s amount. Your lawyer will be able to perform an in-depth valuation of your business, through a step by step analysis, to make sure that you don’t get less than what you deserve.
Make sure things are in your favour
Much like you’re hoping for the best on your end, buyers on the other side of your sales agreement will be hoping for the same.
As an example, the person looking to buy your business could see assets that you are unaware of and conveniently not mention them, making a profit on them later on. They could also try to scare you into thinking that your business is worth far less than it actually is. In this case, your lawyer will be able to set things straight, leaving no room for error or manipulation.
If there are any fair concerns from either side, your lawyer will also be able to adjust your contract if need be. This should be done in a way that answers all of the buyer’s and seller’s concerns, whilst keeping things in your favour as much as possible.
Ultimately, hiring a lawyer ensures that you’re in safe hands throughout the entire process, adding comfort and reassurance to the sale of your business.
