When you decide to hang up your hard hat, you want to maximize the value of your business through the sale. It’s difficult to successfully do this if you do not know what challenges lay ahead during the selling process. In this four-part article, the St. Petersburg construction lawyers at Cotney Construction Law are discussing many of the challenges to selling your business. In the first and second sections, we covered owners that are too valuable to leave their company and discussed the importance of obtaining an accurate valuation of a company’s worth. In this section, a St. Petersburg construction attorney will discuss the time-consuming process of managing a business while you are looking for a prospective buyer.
Do You Have Time Dedicated to Selling Your Business?
Selling a business is a daunting process that takes a high level of commitment to achieve successful results. Most business owners don’t have the time to shift their focus away from their day-to-day operations to focus solely on selling their business. This means that when you’re trying to find a potential buyer, you are working longer days, getting less sleep, and experiencing more stress. Any of these issues can compromise the work you are providing to your clientele.
A Lack of Time Management Can Impact Your Work
Even if an owner puts forth the necessary effort to sell their business, doing so can immediately impact the profitability of their company. If the owner is less focused on providing quality work for their clientele and more focused on networking and finding a prospective buyer, the business can be negatively impacted. A primary reason to consult with a St. Petersburg construction attorney is that they can focus on finding prospective buyers to maximize the profitability of your sale while you focus on performing your work to the best of your ability.
For more information on the challenges of selling a construction business, please read section four.
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.