Selling a Business in Kentucky

Find the right Selling a Business attorney in Owensboro, KY

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. The process of selling your business can be complex, however. Federal and Kentucky laws over mergers, acquisitions, negotiations and securities exchanges may be important in the transaction.

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 Owensboro is not only to secure an offer, but they also lend advice about which offers should be considered. The purchaser may want financial records to be updated in accordance with Kentucky and Federal law. This may be required by law in some cases, and besides, it always helps in determining the correct value for the rights you are selling. Lastly, 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?

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 buyer of a business in Owensboro may be interested only in control of the business, and other rights within the company may not be as important. Buyers are typically looking for the cheapest route to control, and this may allow the seller to retain other rights such as the right to future earnings. Negotiations during the sales process are essential, and they should be used as an opportunity to voice fully each party's intentions and concerns.

How Can an Attorney Help?

Kentucky law places certain requirements on parties selling a business. Making the sale run properly and smoothly is much easier with the advice of a local attorney practicing in Owensboro.

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Life in Owensboro

Owensboro, Kentucky is the third largest city in Kentucky, and it is the county seat of Daviess County. As of a 2009 estimate by the Census Bureau, it has a population of about 55,000 people.

Human habitation of the area now known as Owensboro dates back at least 12,000 years, with indigenous peoples populating the area, at least on a seasonal basis. The first known permanent settlement of Owensboro came in 1797, when William Smothers set up a trading post.

Modernly, Owensboro is a major center for Bluegrass music, and has a museum dedicated to the musical genre. It also has several different Bluegrass festivals throughout the year. Of historical note, it is also home to Temple Adath Israel. Built in 1877, this place of worship is one of the oldest synagogue buildings in the United States, and is listed in the National Register of Historic Places.

If you live in Owensboro, Kentucky, and are facing a legal issue, an Owensboro Kentucky attorney can probably help. Owensboro, Kentucky lawyers can handle just about any case a resident of the area might be dealing with.

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