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Strobl PLLC

Strobl PLLC

Business and Corporate Law Firm

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(248) 540-2300

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    • Henry J. Andries, Jr.

      Henry J. Andries, Jr.

      Member

      Phone: 248.205.2710

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Business Law, Commercial Contracts, Corporate Law, Healthcare Law, Labor & Employment, Litigation, Real Estate, Tax

      Experience

      Since 1995, Henry J. Andries, Jr. has engaged in private practice with a concentration in employment law, complex civil litigation...

    • Lynn M. Brimer

      Lynn M. Brimer

      Member

      Phone: 248.205.2772

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Banking & Financial Services, Bankruptcy & Creditor's Rights, Business Law, Commercial Contracts, Corporate Law, Litigation, Mergers & Acquisitions, Non-Profit Law, Real Estate, Tax

      Experience
      • Assist taxpayers with representation before the internal Revenue Service, the State of Michigan Department of Treasury and other taxing authorities...
    • Anthony Cimini

      Anthony Cimini

      Associate

      Phone: 248.205.2764

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      Practice Areas

      Banking & Financial Services, Bankruptcy & Creditor's Rights, Business Law, Commercial Contracts, Corporate Law, Litigation, Real Estate

      Experience
      • Assists distressed businesses in Chapter 11 bankruptcy filings, with expertise in Subchapter V bankruptcy filings, including prefiling negotiations, preparing first...
    • Jon P. Everly

      Jon P. Everly

      Managing Member

      Phone: 248.205.2759

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Non-Profit Law, Real Estate, Tax

      Experience
      • Advises closely held businesses and their owners in a broad range of legal matters, including formation, taxation, succession planning, and...
    • Michael L. Geller

      Michael L. Geller

      Member

      Phone: 248.205.2770

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Business Law, Commercial Contracts, Corporate Law, Healthcare Law, Labor & Employment, Litigation, Real Estate

      Experience
      • Advises and assists clients in the creation and structuring of their business entities.
      • Regularly counsels clients relative to employment issues that...
    • Paul M. Kavanaugh

      Paul M. Kavanaugh

      Member

      Phone: 248.205.2711

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Banking & Financial Services, Business Law, Commercial Contracts, Corporate Law, Healthcare Law, Labor & Employment, Mergers & Acquisitions, Real Estate

      Experience

      In his more than 30 years of practicing law, he has helped businesses protect their financial and intellectual property, minimize...

    • Jay R. LaBarge

      Jay R. LaBarge

      Member

      Phone: 248.205.2778

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Banking & Financial Services, Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Healthcare Law, Mergers & Acquisitions, Non-Profit Law, Real Estate, Tax

      Experience
      • Advises clients on a full range of real estate matters, including drafting and negotiating purchase agreements and residential, commercial and...
    • Randi LaFave

      Randi LaFave

      Associate

      Phone: 248.205.2712

      Office: Bloomfield Hills

      Connect:

      Practice Areas

      Banking & Financial Services, Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Labor & Employment, Mergers & Acquisitions, Real Estate, Tax

      Experience
      • Counsels start-ups and growing companies on fundraising, including preparation of private placement memorandums
      • Works with clients to uncover and resolve bank...
    • Brian J. McCullough

      Brian J. McCullough

      Member

      Phone: 248.205.2715

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Healthcare Law, Real Estate

      Experience
      • All legal aspects pertaining to healthcare providers, including licensing, certification issues, survey and compliance issues, Medicare, Medicaid and other insurance-related...
    • Pamela S. Ritter

      Pamela S. Ritter

      Member

      Phone: 248.205.2765

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Banking & Financial Services, Bankruptcy & Creditor's Rights, Business Law, Commercial Contracts, Corporate Law, Litigation, Real Estate

      Experience
      • Counsel to lenders in a range of loan origination transactions, including commercial and industrial loan facilities, real estate and construction...
    • James A. Rocchio

      James A. Rocchio

      Of Counsel

      Phone: 248.205.2748

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Bankruptcy & Creditor's Rights, Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Mergers & Acquisitions, Tax

      Experience

      Mr. Rocchio has deep expertise in the area of taxation. Over the course of his legal career, he has counseled...

    • Nelson B. Stieper

      Nelson B. Stieper

      Of Counsel

      Phone: 248.205.2742

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Estate & Succession Planning

      Experience
      • Performs probate and trust administration, revocable and irrevocable trusts, wills, special needs planning, gift planning, and asset protection
      • Advises on divorce,...
    • Thomas J. Strobl

      Thomas J. Strobl

      Member

      Phone: 248.205.2713

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Banking & Financial Services, Business Law, Commercial Contracts, Corporate Law, Labor & Employment, Mergers & Acquisitions, Real Estate, Tax

      Experience
      • Advises a broad spectrum of purchasers and sellers in merger and acquisition transactions involving primarily private companies.
      • Represents financial institutions and...
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      • Labor & Employment
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      • Real Estate
      • Tax
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Before Selling Your Business, Ask Yourself These 5 Questions

March 12, 2021

Whether you’re trying to decide if you should list your business for sale or take it off the market, answering the following 5 questions can help make a difficult, life-changing decision a little easier.

  1. How has COVID-19 affected your business?

Businesses unaffected or positively affected by the pandemic can and should move ahead with the process of selling as planned. Industries involving service, logistics, packaging, and technology could fit this profile. Owners of businesses affected negatively by COVID-19, however, are generally being advised to take a “wait and see” approach if possible, as the local, national, and worldwide economies continue to improve.

  1. Are you prepared for the sale of your business to take months?

On average, selling a business takes approximately 7 months but it could take much longer. The key factors in accelerating the sales process include establishing buyer’s comfort level regarding the sales price, the advanced preparation of due diligence documents, and the availability of buyer financing.

  1. Are you prepared for due diligence?

During due diligence, you should expect that a potential buyer will request key financial documents that support your business valuation, confirm that you are in good standing with the IRS, and verify your assets, intellectual property and marketing analyses.

Examples include the following:

  • Financial statements including balance sheets, cash flow statements, and income statements.
  • Loan and credit agreements.
  • At least 3 years of federal, state and local income tax returns.
  • Disclosure of assets, inventory, and contracts.
  • Legal and regulatory compliance issues.
  • Details of any intellectual property.
  1. Have you strategized to minimize your post-sale tax bill?

You should prepare for the tax consequences of selling your business. As a seller, your specific tax strategy will depend in part on the classification of your business as a sole proprietorship, partnership, S corporation, or C corporation. Additional tax strategies may include the specific structure of the sale, investment in Opportunity Zoning, and whether you are selling to another partner or employees.

  1. Have you addressed the personal and emotional implications of selling your business?

Like any major decision, some sellers will likely question whether or not they did the right thing after the fact. Seller’s remorse due to disappointing financials can usually be avoided with proper planning and realistic expectations. Reliable research, a professional valuation, strategic tax planning, and consultation with an M&A professional should eliminate surprises concerning your resulting financial position after selling your business.

Strobl is a team of experienced and trusted lawyers that can advise on all M&A matters. For more information, visit Strobl online at strobllaw.com or on LinkedIn.

Uncategorized due diligence,  sell business

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At Strobl PLLC, our attorneys are committed to your team. We collaborate with clients to share our expertise and guide them to success.

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(248) 540-2300

33 Bloomfield Hills Parkway, Suite 125
Bloomfield Hills, MI 48304

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