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Norwalk commercial and business law attorney

Did you know that the average U.S. small business owner is 60 years old? If you are like many business owners, you are nearing retirement age and starting to think about your future. You may be thinking about selling your business sooner rather than later because you have concerns about the effects of COVID-19 or because you simply do not want to continue investing so much time and energy into the business. Whatever your reason, choosing to sell your business and retire is a major decision. It is important to define clear objectives, properly prepare for the sale, and take steps to avoid mistakes that could delay your retirement.   

Preparing Your Business for Sale

As the old saying goes, failing to prepare is preparing to fail. Although you may be eager to sell your business so that you can pursue your retirement dreams, it is important not to rush this important transition. One of the most essential steps you will need to take is to secure an accurate business valuation. Properly valuing your business may be complicated – especially if the business’s revenue is down because of COVID lockdowns. A qualified business valuation professional will help you determine how to put an appropriate price on the business. You have probably poured a tremendous amount of your time and energy into growing your business. You deserve to get the best price possible.

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Long Island Sound commercial and business law attorney

If you are considering purchasing a small business, you may understandably be experiencing a mix of excitement and apprehension. Being a small business owner can have tremendous personal and financial rewards, but the decision to purchase a business is not one to take lightly. It is very important to take your time and not rush this major endeavor. Thoroughly research your options and speak with a qualified business law attorney to ensure that your purchase goes as smoothly as possible. As you start the business purchase process, make sure to avoid the following common mistakes.

Not Asking Why the Business Is for Sale

The prospect of being a business owner, especially a first-time business owner, is an exhilarating idea for most entrepreneurs. Unfortunately, this enthusiasm can sometimes cause potential business owners to make hasty mistakes. One of the most common errors people make with regard to business purchases is not understanding why the business is for sale in the first place. Make sure you have a detailed conversation with the business owner about his or her incentives for selling the business. Business owners may not always be 100 percent honest about their reasons for putting the business up for sale, so you may also need to look for subtle clues that reveal the real motivation for the sale.  

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