It can be quite profitable to sell a business after years of work. The hopes of one day being acquired by a larger firm are shared by many businesses. Nevertheless, the transaction can be complicated. Certain Illinois and Federal laws governing mergers, acquisitions, negotiations or securities exchanges may come into play during the sale of a business.

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 Lansing can lend advice about which offers are worthwhile to consider. Preparing financial records to comply with Illinois and Federal law is imperative and will help determine the proper value for the rights you are selling. Finally, an agreement will be reached in the form of a written contract. All parties should review the contract to ensure that it reflects a complete understanding of what the parties have agreed.

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. The right of control can be separated easily from the business, and this often leads the buyers in Lansing to be less interested in other rights within the company. In fact, buyers regularly leave other rights, such as the right to future earnings, with the sellers so that they can acquire control more cheaply. 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 Illinois places certain demands on parties who want to sell a business. Lawyers in Lansing are qualified to advise you in this process and ensure that the sale is in compliance with the law.