Selling a business doesn’t always mean that you’re ready to retire. It could be that you’ve caught wind of another opportunity that seems like a step up from where you are now. However, making the transition can be a challenge without the assistance of a business lawyer and the following information.
What You Need to Know About Selling a Business in NC
Calculate Net Value
Before the business can be put up for sale, you have to determine its worth. The best way to complete this step is to work with a business lawyer. They understand the process of selling a business and know the various components that have to be calculated into the fair market value. These include salaries, company credit cards, sales, and purchases. Once they have an understanding of the business’ cash flow, then they can produce an estimate that depicts how much it’s worth.
You can never be too careful when it comes to selling a business. Some of the parties that show interest could be trying to steal company secrets and use the information that they acquire to further their own gain. An effective way to protect yourself is to obtain a non-disclosure agreement or a letter of intent through a business lawyer. These state that individuals cannot use any of the information on the penalty of the law and can help to ensure full confidentiality.
Consider Customer Acquisitions
One of the top things that you have to consider when moving on from a company is customer acquisitions. This term pertains to the number of new patrons that you expect to do business within the next couple of years. Finding a product or service that the immediate demographic wants is the key to success and could ensure a solid customer base for your future endeavors.
If you’re considering selling a business, reach out to The Law Office of W. Randall Holcomb in Greensboro, NC. He has been practicing as a business lawyer for nearly a decade and knows the ins and outs of the legal system. His expertise lies in both civil litigation and business litigation. With an understanding of the uniqueness of each case, attorney W. Randall Holcomb personalizes his approach and treats each client with the utmost respect. For a full list of practice areas, visit his website. Call (336) 888-8760 to schedule a consultation.