Frequently Asked Questions
If you have questions about buying or selling a business, then you are in the right place. Below are answers to commonly asked questions about the M&A process.
How Do I Prepare My Business To Be Sold?
We always tell our clients that you should begin preparing your business for exit from day one. To maximize the value of your business, you need the right people, the right processes, and the right systems in place prior to sale. In addition, you should have clean books, a detailed profit and loss statement, and organized banking statements. At Framework Legal, we work with clients to identify weak points in their businesses and help them find solutions to get their business on track for a successful purchase.
When is the Most Appropriate Time to Sell/Buy a Business?
Timing is critical when it comes to selling or buying a business. However, your objectives and personal circumstances can also affect your decision. Regardless of when you choose to buy or sell, the most important thing is that you are prepared to do so. At Framework Legal, we help business owners identify opportunities for successful exits, assist them in preparing their business for a sale, and guide them through the process so that they can achieve a successful transaction - regardless of the actual date of the deal.
What Are The Benefits of Buying A Business?
There are many benefits to buying an existing business rather than starting your own. Existing businesses have a track record of demonstrated success. They may have already invested in technology, people, processes, and systems that take years to build. Additionally, financial records can help buyers determine when they can expect a return on their initial investment. Lastly, business owners may agree to stay on board for a year or more to teach new buyers the ins and outs of the business to ensure a smooth transition in ownership.
How Much Can I Buy or Sell My Business For?
Many factors can dictate a business's value, including cash flow, historical financial performance, business age, current market trends, existing contracts, market competition, and how fast the buyer can expect a return on investment. At Framework Legal, we can assess the strengths and weaknesses of your business and help you determine the true value of your business prior to sale.
How Long Does It Take to Buy/Sell a Business?
Buying or selling a business is no small feat. Some deals can take up to a year or longer depending on the size of the acquisition and the complexity of the transaction. While we recognize that you may be eager to conclude a transaction, our primary focus is making sure that your interests are protected and that your goals are achieved.
Do I Need to Hire An Attorney?
While it is advisable to seek the help of an experienced attorney to help you buy or sell a business, choosing the right attorney for you is equally as important. At Framework Legal, we see ourselves as partners in growth. Not only do we bring years of legal experience to the table, but we also work closely with other professionals to help our clients conduct a successful deal.
At Framework Legal, we take a holistic approach to business representation. Not only will we guide you through the M&A process, but we will help you determine what steps are necessary to maximize the value of your business prior to sale.