It can be quite profitable to sell a business after years of work. The hopes of one day being acquired by a larger firm are shared by many businesses. The process of selling a business is rarely a simple one, however. Federal and Michigan laws govern the areas of mergers, acquisitions, negotiations and securities exchanges, and they must be followed for the transaction to have legal effect.
How Do I Sell a Business?
The initial step in selling a Midland business is soliciting an offer. A purchase agent can help you find prospective buyers, as well as advise you concerning whether offers that you receive are worth consideration. Deciding 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 Michigan and Federal law. Usually a formal contract will be written as the agreement nears its conclusion. The provisions contained in the contract should present all matters discussed in a fair light, and this requires careful review by both parties.
What Will I Give Up in the Business?
Essentially, the sale of a business entails the passing of a right known as ?control?. With control of a business, a party might direct its operations and dispose of its property as it sees fit. The buyer of a business in Midland may be interested only in control of the business, and other rights within the company may not be as important. Buyers are usually looking for the cheapest route to control, and this may allow the seller to retain other rights such as the right to future earnings. Negotiations become essential in light of these particularities, and each party should use negotiations as an opportunity to make plain their intentions and concerns.
How Can an Attorney Help?
The law in Michigan places certain demands on parties who want to sell a business. Lawyers in Midland are qualified to advise you in this process and ensure that the sale is in compliance with the law.
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Howard Bender has a wealth of knowledge with trademark contract negotiations. His expertise has helped us move our case forward productively.
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