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 process of selling your business can be complex, however. Federal and Connecticut laws over mergers, acquisitions, negotiations and securities exchanges may be important in the transaction.
How Do I Sell a Business?
To sell a business there must be an offer, whether it is solicited or not. Purchase agents in Bristol not only help to secure an offer, but also lends advice about which offers are worthwhile to consider. Preparing financial records to comply with Connecticut and Federal law is necessary and will help determine the proper 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?
Essentially, the sale of a business entails the passing of a right known as ?control?. With control of a business, a party may direct its operations and dispose of its property as it sees fit. The right of control can be separated easily from the business, and this often leads the buyers in Bristol to be less interested in other rights within the company. In fact, buyers often leave other rights, such as the right to future earnings, with the sellers so that they can acquire control more cheaply. These particularities make negotiations vital, 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 Connecticut law. A local attorney practicing in Bristol will be able to advise you about your particular sale.