Updated: Mar 16, 2020
The process of business succession planning might include conversations about having another person step in and take over your company. With the help of a business succession planning attorney, you can put together the documents you need to approach the sale with confidence so that there’s a clear plan for if and when you decide to sell the company.
Once you have an offer on the table, this process transfers into the due diligence phase.
Knowing what to expect in the due diligence process enables you to consider the different terms that might ultimately be included in a final business sale agreement and shows the different types of documentation that a buyer or seller should have prepared in advance for review by the opposing parties.
As it relates to business succession planning, there is a good chance that you might be interested in selling your company to someone already established as a key employee within the business. There is also the possibility that an outside party could come in and purchase the entire company or purchase your portion of the business.
When selling the entire company, you need to be prepared for the thorough process involved in listing your company for sale. One part of this process is due diligence, which refers to a time period in which both parties verify that the proposed sale of agreement terms are acceptable. Furthermore, due diligence helps to identify any downside potential risk or problems that can be fixed in the final business sale agreement.
Due diligence should be organized and quick. If you haven’t thought about this as part of your overall business succession planning road map, schedule a consultation with an experienced attorney who will help you to craft a business succession plan that makes the most sense for you and your company's future.