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What to know about selling a business

Business owners in Louisiana and elsewhere should take time to prepare themselves prior to selling their companies. If they know what the company is worth, it generally makes it easier to spot a fair deal and walk away from the business feeling content. To determine how much the company is worth, prospective sellers should look at what similar companies have sold for in the past.

It is important to understand how the organization's market value was determined as buyers will likely ask about the process behind the valuation. However, this is just one of many questions a buyer may ask, and sellers should be ready to answer them no matter how tedious it may be to do so. When preparing to sell a company, business owners should make sure that the company has been profitable over the past three years.

This is because it is easier to get a fair market offer when a business is doing well as opposed to when it is slumping. Part of walking away from a deal happy is being able to meet future goals that may be more fulfilling than running a company. For instance, those who are ready to retire will need to make sure that the sale price allows them to do so in a comfortable manner.

Those who are looking to sell their businesses might want to consult with an attorney who understands business law. This may be helpful in deciding how to pick a buyer, how to structure a deal and how to understand if the sale is being timed correctly. Legal counsel may be able to explain both personal and potential business tax implications that could arise if a company is sold.

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