How to Expand Your Construction Business Part 3
In this three-part article, the Sarasota construction attorneys at Cotney Construction Law are discussing ways that construction businesses can expand their operations. In the first and second sections, we offered some advice on developing a workforce and finding a niche in your industry. In this section, a Sarasota construction attorney will discuss how you can expand into new territories and target new clients in that market.
Expanding to a New Location
Many construction companies take a successful formula into a new market. When expanding into a new territory, there are many challenges including:
- Appealing to a new group of clients
- Scaling out your workforce
- Finding reliable local vendors
- Leasing out more equipment and office space
- Advertising in this new market
Investing in all of these things takes a significant amount of capital and time. For this reason, many construction companies elect to partner with a construction attorney that can navigate them through the most effective and efficient way to expand their company in a new location.
Merging, Acquiring, and Selling a Business
If you are looking to expand your business, there are a variety of ways our Sarasota construction lawyers can be of assistance including:
- Acquiring a Business: The “turnkey” option to business expansion is acquiring an already existing small business. In order to successfully purchase an existing business, you need to consult with a Sarasota construction attorney who can perform a business valuation, draft contracts, and guide you through the transaction process from beginning to end.
- Merging with a Business: When two companies have a comparable business valuation, it may be best for these companies to merge together into one business entity. Whether it’s two companies that provide the same type of service in two different locations or two companies that provide different services in the same location, merging can result in one stronger entity.
- Selling Your Business: If you are nearing retirement and you do not have a succession plan in place, you may want to consider selling your business to a competitor. This can be a win-win situation as the legacy of your business continues on and, depending on your agreement, you may also get a stake in their company.
Regardless of the business transaction, you are interested in pursuing, contact a lawyer who understands your market and also understands all of the legal nuances involved in buying, merging, or selling a business.
If you would like to speak with one of our Sarasota construction lawyers, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.