Selling your construction business is a life-changing decision that requires a substantial amount of forethought and consideration. As a successful construction business owner, you spent years thriving in one of the most competitive and high-pressure industries, and the results show. Your name is likely attached to many structures in your community; from highways to schools to shopping plazas and even residential properties depending on your area of expertise.
Unfortunately, when you sense retirement looming on the horizon and decide that it’s time to hang up your hard hat for good, selling your business can become another stressful and time-consuming project. You thought your work was over, but it’s really just beginning. Finding a buyer, negotiating a fair deal, and ensuring your contracts are ironclad can make retirement feel like work.
When you want to sell your construction business, consult the Orlando construction attorneys at Cotney Construction Law for assistance. As we mentioned in part one of this three-part series, our Orlando construction attorneys can negotiate, draft, and review your sales contract to help you maximize the value of your transaction to help you enjoy retirement with your family.
As the owner of your business, your presence in your company is valued. It was your ability to make the right decisions at the right time that helped you grow your business. As a result, your employees respect you and your opinions and ideas are valued above all else. If you fail to plan ahead when you step away from your business, you could be walking away with much of the perceived value of your company in tow. You need to work proactively to ensure that your legacy is in good hands when you step down. By partnering with an Orlando construction attorney, you can develop a succession plan that helps you future proof your business even after you retire.
Who Can Purchase Your Business?
When the time comes to sell your business, you will be presented with an array of options for potential buyers depending on your specific situation. You might have a family member who works in the company and possesses a deft understanding of your company’s goals and operations. They may already have close relationships with the subcontractors and material suppliers your business depends on. Or, you may have a reliable employee who you have trained to succeed you. Either way, by selling your business to someone you trust, you can ensure a smooth transaction. Remember, an Orlando construction attorney can help you draft a contract that ensures both parties experience a stress-free, mutually beneficial transaction.
To learn more about why you should sell your construction business, read part three.
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.