Selling a Business in Connecticut

Find the right Selling a Business attorney in Norwich, CT

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. However, selling a business is rarely a simple affair. Parties to the purchase of a business must comply with Federal and Connecticut laws that govern mergers, acquisitions, negotiations and securities exchanges.

How Do I Sell a Business?

Obviously, the initial step in selling a business is to either receive an offer or solicit one. In Norwich, purchase agents do more than simply find buyers. They also lend advice about which offers are worthwhile to consider. During this process, the financial records must be updated and prepared in strict accordance with Connecticut and Federal law. The reliability of these methods is necessary in determining 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 may use the business property as it sees fit. A party seeking to purchase a Norwich 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 essential, during which each party should use the opportunity to voice their intentions and concerns.

How Can an Attorney Help?

The advice of a local lawyer practicing in Norwich will make it much easier to ensure the sale of your business is in compliance with Connecticut law.

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Life in Norwich

Norwich, Connecticut is a city in New London County. It was the county seat of that county, before the state of Connecticut did away with county governments. It currently has a population of about 36,000 people.

Norwich is named after Norwich, England, and was founded by English settlers in 1659. By the late 1600s, a public landing had been built at the head of a nearby river, allowing ships to sail several miles inland to offload their goods. This allowed Norwich to serve as an important supply point for the colonists in the Revolutionary War, and proved invaluable to the war effort.

For well over 100 years after the revolution, the city of Norwich served continuously as a very important commercial shipping center, allowing for continuous economic growth.

Modernly, Norwich, Connecticut is a quiet residential community. It is home to Mohegan Park, a large forested area featuring several ponds and streams. This park provides ample recreational activities, such as fishing, hiking, and mountain biking in the summer, and ice skating and sledding in the winter.

If you live in Norwich, Connecticut and are in need of an attorney, it's highly likely that you'll be able to find one. Norwich, Connecticut attorneys are able to handle almost any legal issue they're faced with.

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