1. Broker a deal that works for your business
The role of counsel in any kind of a liquidity event should extend beyond simply executing the paperwork of your deal. The right firm should be a strategic partner in every step of the process. Building an ongoing working relationship with your firm will ensure that you outline a process that centers the unique needs of your business. The right corporate law firm will partner with you to ensure stakeholders on all sides are making truly informed decisions that further your long term goals.
2. Remind you that “everyone thinks their baby is the cutest in the world”
Your business is your baby, and everyone thinks their baby is the cutest in the world. However, the reality is that the strengths of your business may be not immediately visible to a potential buyer. The right corporate counsel can help you position your business to be the most attractive (and therefore valuable) within a transaction. And if, by chance, you do have the cutest baby in the world, the role of counsel is even more critical: a corporate law partner can help you document appropriately to ensure that the full value of your business is represented in your liquidity event.
3. Be a clear head in an unexpectedly emotional process
Clients are often shocked by the emotions that arise during any kind of transitional event, whether its succession planning for your family business or a liquidity event for your startup. This is a completely normal response, as for many clients this isn’t just a business deal, their identities are changing. Throughout this process clients sometimes will no longer be “the family that does X” or “the entrepreneur with Y company.” Especially during these times, the role of counsel is to help think long term in planning, and be a clear head during what is often an emotional period for clients.
Hear more on transitional events from our co-founder George Nemphos here:
If you’re ready to take your business to the next level and get more expert advice on designing the next step for your business, join us September 23, 2020 at The Roadmap: Transforming and Transitioning Your Business.