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. However, selling a business is rarely a simple affair. Parties to the purchase of a business must comply with Federal and Massachusetts laws that govern mergers, acquisitions, negotiations and securities exchanges.
How Do I Sell a Business?
The first step in selling a Hopedale business is soliciting an offer. A purchase agent can help you find prospective buyers, as well as advise you concerning whether offers that you receive are worth consideration. Determining the correct value for the rights you are selling is critical in this process. To do this, financial statements must be updated and prepared to comply with Massachusetts and Federal law. As a final step, an agreement for the purchase will be reached, usually in the form of a written contract. It should be reviewed by all parties to ensure that what was agreed upon is 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 can use the business property as it sees fit. The buyer of a business in Hopedale may be interested only in control of the business, and other rights within the company may not be as important. Buyers are usually looking for the cheapest route to control, and this may allow the seller to retain other rights such as the right to future earnings. The wide variety of concerns that buyers may have make the negotiations process particularly vital. It's important at the outset for each party to make plain their intentions and concerns.
How Can an Attorney Help?
Massachusetts 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 Hopedale.