As the owner of a construction business, you’ve dealt with everything from nonpayment to bid protests to defective materials and of course, Occupational Safety and Health Administration (OSHA) inspections. In the construction industry, every day is filled with a barrage of activity and there’s almost never time to relax, so when the time comes to sell your business, it can be difficult to figure exactly how you can make a stress-free exit. If you’re nearing retirement and you want to sell your business, an Orlando construction lawyer can help you draft an airtight contract to maintain your best interests during sales negotiations and even directly assist you with the sales process.
In this three-part series, the Orlando construction lawyers at Cotney Construction Law will discuss different reasons why construction business owners sell the companies they spent years growing. We will also provide helpful tips for owners who decide to sell their business.
Understand When It’s Time to Walk Away
Overextending your career in the construction industry can have a negative effect on your health and wellbeing. Overseeing projects is hard work that requires a lot of energy. As you get older, your body will need more and more rest to perform at its peak. Day-to-day recovery becomes more difficult in old age and if you overexert yourself, you could end up taking an ambulance ride to the nearest hospital.
However, stepping away from your job in the construction industry doesn’t have to be a response to ailing health. Many construction business owners decide that the hectic life inherent to their occupation puts a strain on life at home. When relationships with loved ones are pushed to the limit, it can take a toll on an owner’s ability to perform their duties adequately. Although you work hard every day to support your family, sometimes the trade-off and quality time for money isn’t worth it in the end.
Get Help Before You Sell
When you started your construction business, you were probably excited about the opportunity to exert absolute autonomy over any and all future business decisions. Over time, you learned the ins and outs of the industry, built a strong network of subcontractors and material suppliers, and established a reputation as a hardworking, no-nonsense contractor. Nonetheless, when the time comes to sell your business, it’s best to let the experts handle it instead. If you’re interested in selling your business, an Orlando construction lawyer can negotiate, draft, and review your sales contract to ensure that you’re maximizing the value of your buyout and setting yourself and your family up for success for years to come.
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.