When you sell your business, you want a lawyer who can advocate for you.

I know this first-hand because — and this is Lexi, founder of They Got Acquired speaking — I needed an advocate when I sold my last business.

We talk about that, plus what else you should know from a legal perspective when selling your business, in this conversation with M&A advisor Andrew Ritter of law firm Wiggin and Dana.

Contact Andrew Ritter

Prefer the podcast version?

Here’s the podcast version of our conversation. If you’d rather listen and not watch, this version is for you. It’s the same interview, audio-only:

Legal mistakes to avoid when selling your business

In this interview, we talk about common mistakes Ritter sees sellers make, which leads our discussion to lots of interesting places. We look at when sellers should bring a lawyer into the sale process, how to think about an LOI (Letter of Intent), and what you should expect — plus, what you should negotiate — in a non-compete clause.

Ritter has lots of experience with acquisitions, and we’re fortunate to have him here to share his knowledge with us.

Here’s what you’ll learn in this 39-minute conversation:

  • [1:15] When you should bring a lawyer into your sale process
  • [3:10] What an “LOI” is and what it helps a founder accomplish
  • [7:57] Where most of your negotiating power lies as a seller
  • [13:20] Why you might want to reduce legal complexity for a 6-figure sale
  • [14:43] What Andrew finds interesting about smaller transactions
  • [17:24] How Andrew supported Lexi during the sale of her content site
  • [19:25] A common (not-so-fun) buyer dynamic to be on the lookout for
  • [20:20] Common mistakes that sellers make and how to avoid them
  • [25:34] What’s normal in a non-compete clause and how you might adjust it
  • [30:45] How to negotiate carve-outs in a deal
  • [33:05] One piece of advice Andrew often gives to first-time sellers

Need an M&A lawyer as your advocate?

If you’d like to connect with M&A lawyer Andrew Ritter about selling your business, you can reach him at aritter@wiggin.com.

And you can learn more about Wiggin and Dana at their website:

Learn more about Wiggin