Click here to read the article
Adams and Reese Construction Team Co-Leader and Partner Trent Cotney had his article “Important Tactics for Selling Your Business: Savvy Strategies for Selling Your Construction Company” published by the Roofing Contractors Association of Washington.
Established in 1965, the Roofing Contractors Association of Washington assists members through advocacy, continuing education, professional collaboration, and consumer awareness, while promoting credibility and camaraderie within the roofing and construction industry.
In his article, Cotney discusses how business owners should protect themselves in a transaction and steps they should take to get the best deal.
“Selling your company is not something you should try to accomplish alone,” writes Cotney. “You need the advice and expertise of professionals to help you make the wisest decisions. If you do not already have one, hire an accountant. This person can review your financials and ensure their accuracy. A broker can help you set the right price for your company and market it for buyers. Work with one to negotiate the right price, Be sure to enlist legal services. An experienced attorney can review sales proposals, ensure contracts are clear, and minimize your risk in the sales process.”
Cotney also discusses that business owners should create their own support team, do research, think about timing, and consider potential buyers and whether the sale should be private or public.
“You may receive multiple offers from various sources. Take the time to review all your options, and talk through the details with your broker, attorney, and accountant,” writes Cotney. “Do not rush the negotiation process. Once everything is finalized, it could take a few months to close the deal.”
A Partner in the Adams and Reese Tampa office, Cotney is a board-certified construction lawyer licensed in eight states and Washington, D.C. In construction litigation and arbitration, he represents construction and infrastructure clients, including general contractors, subcontractors, suppliers, manufacturers, architects, engineers, roofers, developers, and other professionals. He is an EU arbitrator for construction-related disputes.
Cotney focuses his practice on all aspects of construction litigation and arbitration, including OSHA defense, lien law, bond law, bid protests, and construction document review and drafting.