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Licensed Attorney & Registered Illinois Business Broker — Rockford, Illinois

Guidance Through Every Stage of a Business Sale

RockfordBusinessBroker.com is a site maintained by attorney Ander Smith (who is also a registered business broker) to serve as a resource for business owners contemplating a sale of their business, whether in the near-term or years down the road.

As an attorney, I (Ander) have worked on a wide array of contracts and other business transactions, including mergers and acquisitions (M&A). Over the last several years, I've also worked with select clients in assisting in brokering and selling their business.

When working with a business-owner client contemplating a sale, I first seek to gain an understanding of my client's desires and goals in connection with a possible transaction. I then explain how the process typically unfolds, as I've found this understanding can meaningfully reduce the anxiety of a business owner approaching this significant transition.

Only once a client has a clear picture of what to expect, and I have developed a thorough understanding of the business — including an honest assessment of potential impediments to a sale — does the process of identifying and approaching potential buyers begin.

I then guide clients through offer inquiries, deal term negotiations, due diligence, and document drafting — all the way to closing.

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Common Questions

What Business Owners Often Ask

How long does a business sale typically take?

Most transactions take between 3 to 9 months from the beginning of the process through closing, though this varies depending on the size and complexity of the business, the availability of qualified buyers, and how well-prepared the seller is at the outset.

How is confidentiality maintained?

Confidentiality is addressed from the outset. Non-disclosure agreements are used with prospective buyers before any business information is shared, and the process is managed to limit unnecessary disclosure to employees, competitors, or others.

What is a Letter of Intent?

A Letter of Intent sets out the key proposed terms of a transaction before a full purchase agreement is drafted. It is typically non-binding in most respects but establishes the framework for the more detailed negotiations that follow, and is an important document in any business sale.

What are the tax considerations in a sale?

The tax treatment of a sale depends significantly on how it is structured — asset sale versus stock sale — as well as the seller's entity type and individual circumstances. I work in coordination with the client's accountant or tax advisor on these matters.

For Attorneys

Collaborative Representation

Ander welcomes the opportunity to work collaboratively with other attorneys whose clients are contemplating the sale of a business. He understands that a client may have a pre-existing relationship with their own counsel, and he is glad to structure his involvement in whatever way best serves the client's interests.

For example, where a client and their current attorney prefer for the current attorney to assume the lead role in reviewing and negotiating the deal documents, Ander is happy to step back from that function and limit his engagement to the preliminary business sale efforts and deal structuring — conducting a preliminary due diligence assessment, identifying and reaching out to potential buyers, and managing the pre-sale process up to the point of a signed Letter of Intent.

Resources

Articles & Commentary

From time to time, I share observations and commentary on topics relevant to business owners considering a sale.

Article Types of Buyers
Article Process of a Business Sale
Article Five Pre-Sale Planning Tips
Article Asset Sale vs. Stock Sale
About

About Ander

Ander Smith

I am a Rockford-area native with broad experience working as both in-house counsel and as an attorney at top-tier law firms. My practice is focused on advising business and business owners — advising them at all stages, from formation, to operational advice, through eventual ownership transition.

Prior to establishing my own practice, I served as General Counsel for Ringland-Johnson, Inc. and as Senior Counsel at Qwest Communications (now CenturyLink) in Denver, as well as worked at top caliber law firms, in Chicago (Katten Muchin), Denver (Otten Johnson), and Rockford (Hinshaw & Culbertson).

I graduated from Augustana College in Rock Island, Illinois with an undergraduate degree in Economics, and earned my law degree from the University of Illinois, Champaign-Urbana.

Contact

Get in Touch

Initial inquiries are handled in confidence and without obligation. Ander is glad to have a preliminary conversation to better understand your situation and whether his services may be appropriate.

Address 5970 E. State St., #3
Rockford, IL 61108
Licensed Illinois & Colorado