Business Succession Advice: What to Know About the Unsolicited Offer
July 2, 2015
If someone comes to you seemingly out of the blue to make an offer on your business, tread carefully. Although this can seem exciting, you need to carefully vet this individual and determine whether it’s the right fit for your business.
One of the biggest problems with the unsolicited offer is that it pulls attention away from running a company into selling one, because the offer of stepping away from routine and receiving a large sum of money can be very tempting. Large industry firms that make these offers could contact dozens of firms with the aim of never providing a price and instead stringing out the process long enough so as to receive a discount.
If you’re considering this unsolicited offer, be proactive. Request a confidentiality agreement and a clear letter of intent from the buyer. This is simply due diligence on your party. If the buyer balks at your requests, you can point this person to discuss future offers with your firm’s specialist on mergers and acquisitions. The remove yourself from the game without any further losses of time, energy, or personal information about your business. Contact us for more advice at info@lawesq.net.
