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 Homewood 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. As a final step, an agreement for the purchase will be reached, normally 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 right of control can be separated easily from the business, and this often leads the buyers in Homewood 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 during the sales process are essential, and they should be used as an opportunity to voice fully each party?s intentions and concerns.
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How Can an Attorney Help?
Parties who want to sell businesses must meet the requirements of Alabama law. Ensuring that the sale is proper is much simpler with the advice of a local lawyer practicing in Homewood.