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?
Of course, there must be an interested buyer with an offer in order to sell a business. The job of purchase agents in Union Springs is not only to secure an offer, but they also lend advice about which offers should be considered. Determining the correct value for the rights you are selling is critical in this process. To do this, financial statements must be updated and prepared to comply with Alabama and Federal law. Lastly, an agreement will be reached in the form of a written contract. All parties should review the contract to ensure that it reflects a complete understanding of what the parties have agreed.
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. Since buyers in Union Springs are generally concerned with acquiring control, they may be willing to allow other rights, such as the right to future earnings, to remain with the seller in exchange for the cheapest price on the right of control. The wide variety of concerns that buyers may have make the negotiations process particularly vital. It's important at the outset for each party to make plain 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 Union Springs are qualified to advise you in this process and ensure that the sale is in compliance with the law.