8 Ways to Avoid Litigation When You Sell a Business
Based on recent litigation storm clouds, business owners planning exit strategies better batten down their legal hatches.
As a small business owner, your company most likely represents a significant portion of your net worth. Thats why its crucial not to let litigation wash it away when the time comes to convert your years of hard work into cash.
Selling a business involves substantial amounts of money and a wide range of issues including warranties and representations, disclosures and contractual obligations. Consequently, there are many opportunities for litigation to arise. Not only is litigation highly unpleasant and disruptive to your lifestyle, it is also very, very expensive – even if you win.
But other than wishing, hoping and praying, whats a small business owner to do? Rather than complaining try something more constructive. Here are eight strategies to follow when selling your business that can help minimize litigation issues.
1. Honesty is the best insurance policy. Tell the truth about your business. Do not attempt to hide any problems or issues that, if left...
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