Selling a business is a process that requires organization - a lot of "t" crossing and "i" dotting. Which is why you should leave figuring out how to sell your business to the professionals. Building a team of professionals to support this process is integral to ensuring a smooth transaction. Aside from working closely with an established business broker, hiring a transactional attorney will provide you much-needed leverage and support especially when you reach the closing table. When identifying the right attorney for a business sale transaction it is important to know that using your current attorney or hiring just any attorney will not always translate to a good transactional outcome. Below we have outlined some simple questions to keep in mind when looking for a qualified, transactional attorney to help you make the best decision.
- Do you have direct experience supporting the sale of a business? Attorneys with transactional experience will have a clear vision of fair contracts, how to structure different transactions types, and can use past deal experience to efficiently reach a fair agreement.
- What is your approach to negotiating and deal making? This question will allow you to zoom in on how the attorney thinks and how they will choose to negotiate compromises. Essentially, this information will help you decide if they will negotiate with your best interest in mind.
- What is your fee structure? Knowing how an attorney will bill you for their time is extremely important and could be a deal breaker depending on your personal financial situation. Most attorneys bill by the hour and may also charge some form of a retainer or have flat fees for specific tasks. Make sure that you are comfortable with their billing process so you are not surprised by their invoice at the end of the day.
- Do you have any references? Performing a reference check takes little time in the grand scheme of things, but can provide you with invaluable feedback on what to expect from your counsel.
A good attorney can give you guidance and counsel but a great attorney will bring the necessary transactional experience to get your deal done successfully and satisfactorily! If you are interested in learning more about hiring an attorney to represent the sale of your business or for a referral to an attorney please visit our website.
Rachael Holstein joined the Transworld Team in 2016 as Marketing Coordinator. Her working experience has been largely focused on Business Development and Marketing in the finance, architecture, property management, and information technology industries. A long time resident of Cleveland, Ohio, she attained her Undergrad from John Carroll University and a Master's Degree in Global Interactions from Cleveland State University. She relocated to Denver in 2013 for a change of scenery and a bit of adventure.