Selling a Business in Alabama
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 Alabama 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 Fairhope can lend advice about which offers are worthwhile to consider. The purchaser might want financial records to be updated in accordance with Alabama and Federal law. This might be required by law in some cases, and besides, it always helps in determining the correct value for the rights you are selling. Finally, 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?
In selling a business, the buyer gains a right known as "control". Control of a business entitles a party to direct its operations and it may also controls what is done with business property. Since buyers in Fairhope are usually 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 beginning 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. Lawyers in Fairhope are qualified to advise you in this process and ensure that the sale is in compliance with the law.