When you’re ready to sell your dental, legal, or architectural practice, where do you turn for help? Business acquisition law attorneys offer guidance to professionals making the transition from business owner to seller. The following guide provides an overview of the steps one must take to sell a professional practice.

Business Acquisition Law Tips for Selling a Practice

Planning & Preparation

Before selling, know how much your practice is worth. Just as you would when selling real estate or jewelry, obtain an appraisal to determine price and an acceptable range for incoming offers. The appraisal report will identify strengths and weaknesses to guide your marketing strategy. 

Marketing & Negotiating

Once you’ve set a price, outline a marketing strategy to attract potential buyers. An experienced business acquisition law professional knows how to find and screen viable prospects. They may recommend web and social media marketing and traditional networking to generate serious offers. Skilled business law attorneys help negotiate structured deals for owners who want to exit gradually and cash-out deals for those who want a quick and complete exit.

Contracts & Completion

Selling a professional practice requires detailed contracts that may include non-compete clauses, reassignment of trade name rights, and confidentiality agreements. Your business law attorney will conduct due diligence investigations of the buyer’s legal and financial status, draft the legal documents for transferring assets, and handle closing matters to complete the sale.

Since 1946, the business acquisition law team at Zangari Cohn Cuthbertson Duhl & Grello P.C. has helped individuals and companies buy and sell professional practices throughout Connecticut, Rhode Island, and the rest of New England. These attorneys offer wisdom and dedication when crafting effective legal solutions in numerous situations, from business valuations to human resource and compliance issues. Visit their website now or call (203) 789-0001 for a consultation appointment. Follow them on Facebook for more tips and ideas.