Selling a business after years of work can be very 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 Alaska laws concerning mergers, acquisitions, negotiations and securities exchanges that must be followed.
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 Fairbanks can lend advice about which offers are worthwhile to consider. During this process, the financial records must be updated and prepared in strict accordance with Alaska and Federal law. The reliability of these methods is crucial in determining the proper value for the rights you are selling. 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?
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 right of control can be separated easily from the business, and this often leads the buyers in Fairbanks to be less interested in other rights within the company. In fact, buyers frequently leave other rights, such as the right to future earnings, with the sellers so that they can acquire control more cheaply. 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 Alaska places certain demands on parties who want to sell a business. Lawyers in Fairbanks are qualified to advise you in this process and ensure that the sale is in compliance with the law.