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 a business is rarely a simple one, however. Federal and Illinois 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?
Of course, there must be an interested buyer with an offer in order to sell a business. The job of purchase agents in Brookfield is not only to secure an offer, but they also lend advice about which offers should be considered. In order to determine the proper value for the rights you are selling, financial records must be updated and prepared to comply with Illinois and Federal law. As an agreement for the purchase is reached, normally 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. The right of control can be separated easily from the business, and this often leads the buyers in Brookfield to be less interested in other rights within the company. In fact, buyers generally leave other rights, such as the right to future earnings, with the sellers so that they can acquire control more cheaply. 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 law in Illinois places certain demands on parties who want to sell a business. Attorneys in Brookfield are qualified to advise you in this process and ensure that the sale is in compliance with the law.