Selling a business after years of work can be extremely 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 Arkansas laws concerning mergers, acquisitions, negotiations and securities exchanges that must be followed.
How Do I Sell a Business?
Of course, there must be an interested buyer with an offer in order to sell a business. The job of purchase agents in Conway is not only to secure an offer, but they also lend advice about which offers should be considered. Determining 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 Arkansas and Federal law. A formal contracts will likely be written to solidify the sales agreement. Careful review of this agreement is essential so that all concerns voiced during negotiations are 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 can use the business property as it sees fit. The buyer of a business in Conway may be interested only in control of the business, and other rights within the company may not be as important. Buyers are normally 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 vital 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 advice of a local attorney practicing in Conway will make it much easier to ensure the sale of your business is in compliance with Arkansas law.