Understanding the Challenges of Selling Your Construction Business – Part 4

By Cotney Construction Law.

Before you can successfully sell your business, you must be cognizant of the challenges present during the selling process.

If you want to successfully sell your business, you must be aware of all of the various challenges that surround the selling process. This is part four of a four part series which discusses some of the major challenges that may arise with the selling of your business. In this final section we will discuss why construction company owners should partner with an attorney when undergoing this complex transition

Working with a Trusted Partner

It is crucial that a business owner maintains a level of confidentiality all throughout the selling process of the company. When attempting to sell a valuable asset, like a construction business, it is not a good idea for employees, vendors, or even clients to learn of a potential sale of the business. This knowledge could cause unsettlement, which has the potential to have a negative impact on business operations and may even affect the sale of your business. However, when you partner with an experienced Cotney Construction Attorney, you are immediately provided with a legal partner that understands the nuances surrounding the selling process. The idea of selling your business can feel cumbersome, which is why it is best to work with knowledgeable professionals that can discreetly guide you through the process.    

Performing Your Due Diligence

Selling your business is a serious commitment and finding a qualified buyer and receiving an offer on your business is far from the last step in the selling process. A whole new set of challenges arise when a buyer enters into the picture. For example, how will the deal be structured? Will you accept the submitted offer or negotiate the final price? Are there any potential legal issues with the sale? As the owner, selling your business requires you to take on many crucial business responsibilities, meeting multiple deadlines, and filling out a mountain of paperwork. Prior to closing the sale of your business, you need an experienced legal professional to guide you through this complex process and to ensure that all potential liability issues are mitigated. The best thing to do prior to the completion of the transaction is to partner with an experienced attorney that has a wealth of knowledge and a successful track record in managing these types of deals.  

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Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.