How Is The Value Of My Business Determined And What Is My Attorney’s Role In This Process?
There are professional business evaluators and they can be helpful. The problem I see with professional evaluators is that some do not understand the local dynamics, which can be more harmful than helpful. I can gather information and help the owner evaluate it, so that they can put a reasonable price up for sale and accept a reasonable price. Every sale is different because every business has unique qualities.
If there is real estate involved, you can use a real estate broker. Many times, my client and I come up with the asking price. When there is an offer or a counteroffer, the client has to sign off on it before the sale is final. It may not be exactly what they wanted, but if they can live with it and it accomplishes the goal they set out for, they may find it acceptable.
Does It Change The Business Valuation Process Or Selling Process If Selling The Business Also Will Include The Brick-And-Mortar Building And Land?
I try to get an idea early on of whether the value of the business is driven more by the actual real estate. If that is going to drive the price more than the actual goods and services that are produced out of that business, it actually may bring down the value of the business, especially if it is mortgaged. You have to evaluate both the business and the real estate. My specialties are in the real estate area and in the business area, so I can evaluate both of those side-by-side and figure out what is the most attractive asset.
Which Documents Will Be Needed To Sell My Business And Will My Attorney Handle The Paperwork Or Will The Buyer’s Attorney?
Typically, you will need an agreement to purchase a business. You may have stock transfers that are necessary to be executed. There may need to be membership transfers, if you have an LLC, and you may have to change filings with the state of Florida. Then, the purchase or sale of the business is the main document and that certainly should be drawn up by your attorney. A lot of times, there is attachment of a real estate contract with it. There will also be a bill of sale for any included equipment. You may have addendums required, depending on the nature of the business sold. Typically, the seller’s lawyer should be able to produce these documents, taking into account the demands of both sides. Usually, there is fighting over just two or three issues and then there are compromises given or monetary adjustments made.
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