While it isn’t legally mandatory to have a lawyer when selling your business, engaging one can be a wise decision to protect your interests and ensure all legal documents and compliance issues are handled correctly. Business sales transactions are multifaceted, often involving numerous agreements such as sales contracts, non-disclosure agreements, non-compete agreements, and transfer documents for intellectual property. A lawyer’s expertise can help you navigate these complexities and reduce the risk of future legal disputes.

A competent attorney can ensure that every document is prepared properly and that you comply with state-specific requirements, ultimately safeguarding you from potential liabilities. Moreover, having legal guidance means you have an expert on your side during critical negotiations and due diligence phases. This proactive protection can be particularly valuable given that legal fees for selling a business typically range from $1,500 to $5,000 for standard transactions, protecting you from potentially costlier legal troubles down the road.

That said, there are instances—such as very small-scale business sales or very simple transactions—where you might choose to forgo legal counsel. However, for most sales, especially those involving substantial assets and complex negotiations, the benefits of having an attorney far outweigh the costs.

At Iconic, we understand the challenges involved in selling a business. Through our comprehensive 5-step selling process detailed on our The Iconic Way page and supported by our proprietary Iconic Rail™ tracking system, we are committed to guiding our clients with transparency and expertise every step of the way. While we encourage working with a legal professional for the aspects that require specialized legal knowledge, our dedicated team is here to provide you with the tools and support you need to navigate your sale confidently.

Stats

• Research indicates that many business attorneys charge between $150 and $400 per hour, a useful detail when budgeting for legal support.

• For transactions involving very small-scale sales—often valued at under $10,000—the complexity may not justify the cost of legal counsel.

• Business sale transactions typically require up to six key legal documents, underscoring the process’s inherent complexity.