Thinking about selling your business? We can help…Author: Filip Hrga
McLellan Brennan Hrga is now actively advising business owners who are looking to sell their businesses and either retire or work in a reduced-role capacity for a few years before entering retirement. Lawyers play a critical role in the process, by offering security, guidance, and peace of mind when selling your business.
From the outset, we conduct a review of your business, its finances, and its assets. We develop an understanding of the business and the existing business climate in order to determine the best way to position your business for sale in the marketplace. Other aspects which follow include appraising the business and establishing our target sale price. We can then assist, if requested, with canvassing and targeting potential buyers on a confidential basis. When a potential buyer is identified and secured, we move to negotiate the terms of the sale first through a letter of intent and subsequently with comprehensive legal documents, the complexity of which depend on the size of the transaction and other considerations.
Whether we assist you in finding a buyer, or you have a buyer lined up and need assistance with negotiating and finalizing the sale, we can help. Some of the important considerations during the sale that a lawyer can guide you with include:
- Whether to structure the sale as a sale of shares of the business, or, as a sale of assets;
- Negotiating an appropriate and fair indemnity and release package to minimize your post-sale liabilities and maximize the protections we can build into the transaction;
- Negotiating the representations and warranties the parties make to one another;
- Negotiating conditions of the transaction;
- Advising on purchase price, payment terms, and price adjustment structures; and
- Discussing and negotiating your role, if any, in the business moving forward.
Having a lawyer involved provides you with guidance, security, and the peace of mind you need to proceed with your transaction. Our firm has experience in assisting clients from the early stages of discussion, transaction negotiations, closing of the transaction, and advising with regards to post-closing obligations and questions.
In the past couple years, our lawyers at MBH have represented business owners on their sales ranging in value from $150,000 up to $20,000,000 dollars across a variety of industries.
Contact Filip today if you would like to discuss selling your business, or if you have a buyer lined up and want a lawyer to guide and protect you through the process.