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 Minnesota 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?

An offer is the initial step in selling a business, whether you solicit one or simply receive one spontaneously. In addition to securing a prospective buyer, purchase agents in Maplewood can lend advice about which offers are worthwhile to consider. Preparing financial records to comply with Minnesota and Federal law is crucial and will help determine the proper value for the rights you are selling. As a final step, an agreement for the purchase will be reached, usually 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 may use the business property as it sees fit. The buyer of a business in Maplewood 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. These particularities make negotiations essential, during which each party should use the opportunity to voice their intentions and concerns.

How Can an Attorney Help?

The law in Minnesota places certain demands on parties who want to sell a business. Lawyers in Maplewood are qualified to advise you in this process and ensure that the sale is in compliance with the law.