A business, that is.
Every business principal in Southern California or elsewhere who now commands the helm of an established company undoubtedly remembers with crystal clarity the considerable amount of time and effort that was expended in transforming a business vision into a reality marked by a successful enterprise.
It is thus unlikely that such an individual will be caught unaware regarding the sustained focus and work that is customarily required of any business owner seeking to sell a company.
“You only get one shot at this to get it right,” states an online overview discussing the sale of a business, so it obviously needs to be done with due diligence and a well-crafted strategy.
Ideally, notes that primer, a sale takes place in the immediate wake of a perfect storm of factors that drive price to an optimally high level. That means things like an enthused buying public, notably high year-end profits and rosy projections for the future.
Such salutary developments are gravy for a business with a for-sale sign, of course, but they can hardly be expected.
What is more customary is for a business owner to sit down with a seasoned business attorney and other professionals and take an impassioned and studied look at business worth, asset valuation, good will, potential buyers and financing challenges/opportunities.
That can take a considerable amount of time, and it frequently does.
Ultimately, of course, all the material terms and conditions relating to a business sale will need to be set forth accurately and in detail in a sales agreement that requires the close input and scrutiny of a proven commercial law attorney.
For many business owners, the sale of their company is a one-time occurrence in life. Getting it right is more than a hoped-for result. Indeed, it is an absolute imperative.