Patricia Farrell was quoted on instructing business owners on preparing to sell a business in the June 23, 2021, Kiplinger article entitled, “Business Owners Need an Exit Strategy When They Are Ready to Retire.”
Selling a business can take anywhere from six months to five years. Starting early gives you time to adjust, leading to a better sales price. For instance, Patricia Farrell, an attorney and partner at Meyer, Unkovic & Scott in Pittsburgh, finds that some small business owners don’t have important documents, such as employee confidentiality agreements and vendor contracts, organized and available electronically. The company may not have the right insurance to protect the personal assets of directors and officers in a lawsuit. Farrell ensures all of this gets corrected ahead of time. “Think about it like selling your house,” she says. “To get more money, you might have to spruce up the bathroom and take a look at the gutters.”
Click here to read the full article originally published on Kiplinger.