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. The process of selling a business is rarely a simple one, however. Federal and Idaho laws govern the areas of mergers, acquisitions, negotiations and securities exchanges, and they must be followed for the transaction to have legal effect.

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 Garden City can lend advice about which offers are worthwhile to consider. Preparing financial records to comply with Idaho and Federal law is crucial and will help determine the proper value for the rights you are selling. A formal contracts will likely be written to solidify the sales agreement. Careful review of this agreement is crucial so that all concerns voiced during negotiations are accurately presented.

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. Since buyers in Garden City are generally concerned with acquiring control, they may be willing to allow other rights, such as the right to future earnings, to remain with the seller in exchange for the cheapest price on the right of control. Because of the wide variety of different concerns buyers may have, negotiations are essential. Each party should voice their intents and concerns during this process.

How Can an Attorney Help?

The law in Idaho places certain demands on parties who want to sell a business. Lawyers in Garden City are qualified to advise you in this process and ensure that the sale is in compliance with the law.