Many people start companies planning to grow their business indefinitely. However, there are situations in which it may be the best idea to sell the company to the highest bidder and start down a new path. Selling your business can be a complicated though lucrative venture, and you should discuss your options with a business lawyer in Illinois before you sell.
Your business has outgrown you – As a business scales, it requires leaders with different skills. While you may understand your service or product inside and out, you may not have the experience to run a multi-million-dollar enterprise. If your business has outgrown your ability or desire to run the operation, selling it can be a smart exit strategy.
The market is turning – Consider being the owner of a taxi company when you hear about a new rideshare service called Uber that’s expected to be a game-changer in the transportation industry. If you suspect that a shift in your market is imminent, it may be a good idea to sell the business instead of watching it slowly lose profits over the next few years.
You receive an offer you can’t refuse – If you designed an app or started a new type of social media site, you may be barely making a profit when Facebook reaches out with interest in the company. If a buyer offers a decent price, you should weigh the pros and cons of selling, even if it’s at an early stage.
Contact a Business Lawyer in Illinois Today
At the law office of Charles T. Newland, we counsel clients on the possibility of buying or selling all types of businesses. Our experienced Illinois business attorney can also assist with all business-related legal matters from starting a company to exit strategies. Call 847.797.9300 or contact us online to learn more.