Selling a Business in Alabama
Selling a business after years of work can be extremely profitable. Many businesses are created with the hopes that they will one day be acquired by a larger firm. The sale can be complicated, however. There are Federal and Alabama laws concerning mergers, acquisitions, negotiations and securities exchanges that must be followed.
How Do I Sell a Business?
An offer is the first step in selling a business, whether you solicit one or simply receive one spontaneously. In addition to securing a prospective buyer, purchase agents in Hokes Bluff can lend advice about which offers are worthwhile to consider. The purchaser may want financial records to be updated in accordance with Alabama and Federal law. This may be required by law in some cases, and besides, it always helps in determining the correct value for the rights you are selling. As a final step, an agreement for the purchase will be reached, typically in the form of a written contract. It should be reviewed by all parties to ensure that what was agreed upon is accurately presented.
What Will I Give Up in the Business?
The sale of a business is simply the transfer of a right known as "control". The party with control of a business directs its operations and can use the business property as it sees fit. The buyer of a business in Hokes Bluff may be interested only in control of the business, and other rights within the company may not be as important. Buyers are typically looking for the cheapest route to control, and this may allow the seller to retain other rights such as the right to future earnings. These particularities make negotiations vital, during which each party should use the opportunity to voice their intentions and concerns.
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How Can an Attorney Help?
The law in Alabama places certain demands on parties who want to sell a business. Attorneys in Hokes Bluff are qualified to advise you in this process and ensure that the sale is in compliance with the law.