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 Georgia laws that govern mergers, acquisitions, negotiations and securities exchanges.
How Do I Sell a Business?
An offer is the initial step in selling a business, whether you solicit one or simply receive one spontaneously. In addition to securing a prospective buyer, purchase agents in Albany can lend advice about which offers are worthwhile to consider. The purchaser might want financial records to be updated in accordance with Georgia and Federal law. This might be required by law in some cases, and besides, it always helps in determining the correct value for the rights you are selling. Typically a formal contract will be written as the agreement nears its conclusion. The provisions contained in the contract should present all matters discussed in a fair light, and this requires careful review by both parties.
What Will I Give Up in the Business?
In selling a business, the buyer gains a right known as "control". Control of a business entitles a party to direct its operations and it may also controls what is done with business property. Because the right of control is separable, the buyer of a business in Albany may not be interested in other rights within the company. Actually, control is typically 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. Negotiations become essential 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 law in Georgia places certain demands on parties who want to sell a business. Lawyers in Albany are qualified to advise you in this process and ensure that the sale is in compliance with the law.