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. 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 first step in selling a business is to either receive an offer or solicit one. In Old Saybrook, 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 crucial in determining the proper value for the rights you are selling. As an agreement for the purchase is reached, usually 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. Because the right of control is separable, the buyer of a business in Old Saybrook may not be interested in other rights within the company. Actually, control is usually cheaper to purchase without other rights such as the right to future earnings. Sometimes buyers negotiate to allow those right to remain with the seller. Because of the wide variety of different concerns buyers may have, negotiations are vital. Each party should voice their intents and concerns during this process.
How Can an Attorney Help?
The advice of a local Attorney practicing in Old Saybrook will make it much easier to ensure the sale of your business is in compliance with Connecticut law.