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 California laws concerning mergers, acquisitions, negotiations and securities exchanges that must be followed.
How Do I Sell a Business?
To sell a business there must be an offer, whether it is solicited or not. Purchase agents in Bakersfield not only help to secure an offer, but also lends advice about which offers are worthwhile to consider. Preparing financial records to comply with California and Federal law is essential and will help determine the proper value for the rights you are selling. As an agreement for the purchase is reached, typically a formal contract will be written. It is important to review such documents before they are signed so that all aspects of the agreement are presented properly.
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. A party seeking to purchase a Bakersfield business may not be concerned with all aspects of the company. In fact, purchasers are typically interested in acquiring control as cheaply as possible, and this may allow other rights, including the right to future earnings, to be apportioned or even retained by the seller. These particularities make negotiations <span class=hlr>vital</span>, during which each party should use the opportunity to voice their intentions and concerns.)
How Can an Attorney Help?
In selling a business, the seller must meet the requirements of California law. A local attorney practicing in Bakersfield will be able to advise you about your particular sale.