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Business Lawyers Steer Successful Entrepreneurs

Starting a new business? Finally getting around to structuring your existing business? Or are you ready to sell your business and retire? Note to Self: rely on a business lawyer and use subject matter experts to ensure growth, prosperity and security in your business.

Envision your business as a vehicle. You are the business owner and the driver. Your objective is to take your business from point A to point B. Let’s say that going from point A to point B in the following scenario is transitioning from a business owner and operator to selling this business and retiring. What do you need to do next with this “vehicle” that you poured your blood, sweat and tears into? 

  1. Remain in the driver’s seat! You’re almost at your destination, but you know your business better than anyone. Make practical choices, share important information with the professionals you retain during this final trip and be wise about who you have navigating your vehicle. 

  2. The people you invite into your vehicle need to have open conversations with each other to ensure you get from point A to point B in a timely, cost-efficient way and while maximizing your objectives (financial and otherwise).

    • Business Appraisers and Brokers will be beneficial with your unique and profitable business by assessing the appropriate sale price or with finding buyers.

    • Accountants will be critical in identifying the tax consequence and benefits from the sale of your business and can plan to ensure you don’t have any surprises with capital gains or tax penalties.

    • Financial Advisors/Planners are critical to ensure that once you sell your business you can continue to live a life that you have become accustomed to as an entrepreneur. Your money should continue to work for you and with the right planning will grow and provide for your future.

  3. Let your business law attorney navigate your trip, talk to the other subject matter experts in your vehicle and help you reach your destination with peace of mind. The attorney will be critical when drafting the contracts, negotiating the sale and ensuring your best interests are met. 

Business owners: whether you are just starting up a new business, creating an LLC or Corporation for your existing business, or selling your business, consult with a business lawyer to ensure success. 

TriAmicus Law, PLLC

865-217-1154

TriAmicusLaw.com


 

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