Understanding Small Business Law

 

You’re a business owner. You put years of love and effort into your small business and are proud of what you’ve made. Now someone has made you a very tempting offer for it, and it seems like the time is right to sell, but you know nothing about small business law. While it seems like too much work to figure out, it would be nice to move on to another opportunity. However, before you shake hands and close the deal, it’s essential to ask yourself, “Have I done everything I can to make my business more appealing?” 

Mistake to avoid: waiting until it’s too late

There are several steps to take when you decide you want to sell a business. Business owners often wait too late to optimize the sale of their company. This is because people are unprepared to sell to get the best price. The best practice is to know it’s never too early to start planning. One to two years is advisable to start planning to sell your business. 

Preparation: getting ready to sell your business

Here are some things a small business attorney can help you do as you prepare for the sale.

  1. Determine what your business is worth
  2. Develop the executive summary of your business
  3. Assemble your portfolio

As a business owner, you should sit down with a small business law attorney and begin planning early. Planning early and being organized helps you protect the business you created without fully understanding small business law. In addition, the attorney can help you prepare all the necessary organizational documents and ensure that all of your contracts are up to date. At Robertson and Williams, we offer you a free consultation so we can work together to understand what is best for you and your company and a strategy to get there. 

Performing due diligence: the checklists

Most buyers will want to see a due diligence checklist, so it’s a good idea to sit down with an attorney early and begin going over all of the necessary documents. Still not sure what a due diligence checklist is? This checklist includes regulatory information, environmental considerations, financial information, insurance information, etc. It works as an organized checklist that allows buyers to analyze the company that they are acquiring. You can find a more intensive checklist through the helpful resources listed on our website.  

Small business law can’t be that complicated, right?

Let’s face it, between all of the taxes, copyrights, permits, licenses, certificates, articles, and every other legal consideration involved in running a business, it becomes quite cumbersome to manage. People hire you because you are an expert in your field. We are legal experts with many years of expertise in small business law, real estate law, and energy law. At Robertson and Williams, we are eager to help you with your legal needs.

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