Few businesses are eternal. For the majority of them, there comes a time when the business has to be sold, management changes hands or the company otherwise comes to an end. It is vital, as a business owner, for you to have the right exit strategy to get out when the time comes. There are a number of options to end your business and each one requires its own unique approach. Here are some tips and strategies for selling a Nevada business or ending your small business and why a business law attorney is important.
Selling a Nevada Business
When it’s time to move on, some owners don’t want to go through the hassle of a gradual shift in management; they simply want to move on. Selling a Nevada business requires time and careful planning. You will need to put extra effort into the company to get it ready to sell.
Naturally you want the highest, best possible offers. This means making the company more valuable. You’ll want to get all of your records in order. Make sure you are and have been transparent in all dealings and work to build your customer base.
Ensure that your staff are dedicated and talented people who care about the success and future of the business. The harder they’re willing to work to make the company successful, the more it’ll be worth.
Look around for a good attorney and business broker who can represent your best interests and advise you on the right tactics. Get a professional valuation of the company so you know the fair market value. In short, you’re going to put more work into the sale than you did during your startup, but it’ll be worth it!
Plan of Succession
When you find the right buyer, you’ll want to develop a plan of succession. Simply signing on the dotted line and walking away is rarely advisable or even possible. You’ll want to train the new owner on your business procedures, methods, company culture and the like. Certainly they will make changes but it’s important for them to know the how and why of current operations.
Succession will probably take about a year, during which you’ll gradually turn over more and more control to the new owner while they ask questions and learn the ins and outs. Your assistance to them will be vital.
Hiring an Attorney
Having a business law attorney in your corner is vital to this process. There are lots of pitfalls that can arise in clearing up liens, making sure you are debt free and that there aren’t any unpleasant surprises in the transfer of business.
If you’re looking to sell your Nevada small business and need help or advice, we are ready to step in. Get in touch with us for more information about Nevada business law and a consultation on your needs today!