Selling a business can sometimes be a stressful and overwhelming process. It requires contract drafting, negotiation, financial document organization and more. The process of selling a company is far more complex than selling a service or product.
To ensure that the process goes smoothly and to protect yourself, you should hire an attorney. A business attorney can provide you with counsel on a variety of topics throughout the transaction.
This guide will discuss the top three reasons why you should hire a business attorney.
1. They Will Handle the Paperwork
As you learn how to sell a business, you will quickly discover that it requires a lot of paperwork. As the seller, you might not know what forms you need and the right way to fill them out. A qualified business attorney can help relieve you of some of that burden.
Your attorney will handle locating and filling out all the necessary paperwork. They will also correspond with the purchasing party with what paperwork they need to complete as well.
Some common documents include:
- Non-disclosure agreements (NDAs)
- Purchase agreements
- Financial forms and statements
- Inventory lists
A business attorney helps you streamline the document process and communicate with the buyer’s representatives and financial institutions. The goal is to protect you from liability in the future and ensure that the sale is not missing any actions and documents.
2. Assist You With Favorable Terms
Your attorney is there to protect your interests. A business attorney will be there to represent your best interests in agreement drafting and contract negotiations.
Additionally, a business attorney will make sure that the transaction is conducted in accordance with any state or local laws. Their focus is on getting you, their client, the best deal.
When you hire an attorney, they will work to negotiate the worth and value of your business. They can help you obtain the latest information regarding valuation. Your attorney will work to get you the best sales price possible.
3. Get Legal Representation and Counsel
In addition to helping you with the paperwork and ensuring you get the best price for your business, an attorney will also provide you with legal guidance. Their goal is to make sure that you understand the sales process. Your attorney can also settle any internal problems that might arise before the transaction.
Some business sales require meetings or going to court with those involved in the sale process. Your attorney can provide you with legal representation in those scenarios. Having your own attorney will even the playing field since the buyers will typically have counsel as well.
Contact the Law Office of Lisa Wills to Hire an Attorney
If you are in the process of selling your business and you have asked yourself, “do I need an attorney,” the answer is “yes.” Hire an attorney and protect yourself and your future while getting a good price for your business.
Schedule a consultation appointment with our office today to discuss your options.