Florida law has no specific statutory rules that require entrepreneurs to hire a licensed attorney when buying or selling a business. Despite the lack of a formal requirement, working with an experienced business lawyer is crucial to ensure a successful business sale.
In this article, you will discover the reasons to hire a lawyer to sell a business in Florida.
Does My Florida Business Need a Lawyer to Sell? – Understanding the Sales Process
Selling a Florida business is a complex process that involves attention to different steps. An experienced business lawyer will provide the necessary guidance to ensure full legal compliance and protect your interests in the transaction.
Identifying Prospective Buyers
Identifying the ideal buyer for a company requires a strategic approach. An expert attorney may help you filter solid candidates among current business partners, key employees, family members, or outside investors.
With a list of prospective buyers in hand, it is time to select the best offer based on the buyer’s skills, experience, and the payment proposed to acquire the company.
Business Assessment and Valuation
An experienced Florida business attorney can help you assess whether the company is in good enough shape to obtain the best possible valuation. To accomplish it, a legal advisor may:
- Evaluate the business records (i.e., accounting practices, audit and control procedures)
- Work with outside auditors to search for financial issues
- Identify and retain key employees to adequately structure and record employee compensation plans
- Review retirement plans, deferred compensation agreements, and other similar matters
Minimizing the Impact of Ownership Transition
Handling the ownership transition process requires a strategic approach. Businesses that rely excessively on their owners are less likely to have a smooth transition. When preparing a company for sale, make sure to minimize the impact of your departure by:
- Enhancing the abilities of key employees
- Updating employee handbooks
- Updating operations manuals
- Minimizing the risk of interruptions in customer services
- Developing autonomous teams within the organization
Why Do I Need a Lawyer to Sell My Florida Business? – The Verdict
Beyond the basic matters involved in the business sale transaction, selling a Florida company involves a demanding set of legal, financial, and tax matters that must be verified and reviewed.
In this complex scenario, it is vital to rely on the guidance of a knowledgeable business lawyer to handle the process adequately. During the process, your legal advisor will help by:
- Obtaining all the necessary information about potential buyers to ensure well-informed decision making
- Identifying the best offers and filtering out bad deals
- Negotiating the terms of the transaction
- Negotiating payment terms and warranties
- Guiding the due diligence process
- Structuring the transaction to reduce risks and protect your interests
- Handling the closing process to guarantee you will obtain what you bargained for
- Providing valuable business insights throughout the entire sales process
- Advising you on legal, financial, and tax matters
- Anticipating implications of potential sales structures
- Drafting and reviewing the documentation involved in the transaction
- Providing legal representation in the closing, post-closing, and follow-up stages
Waste no Time with Uncertainty – Contact Attorney Romy B. Jurado Today
If you want the guidance of a well-versed business lawyer in Florida, get in touch with Attorney Romy B. Jurado today by calling (305) 921-0976 or emailing [email protected] to schedule a consultation.
