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 Maine laws that govern mergers, acquisitions, negotiations and securities exchanges.
How Do I Sell a Business?
To sell a business there must be an offer, whether it is solicited or not. Purchase agents in Sabattus not only help to acquire an offer, but also lends advice about which offers are worthwhile to consider. During this process, the financial records must be updated and prepared in strict accordance with Maine and Federal law. The reliability of these methods is essential in determining the proper value for the rights you are selling. Normally a formal contract will be written as the agreement nears its conclusion. The provisions contained in the contract should present all matters discussed in a fair light, and this requires careful review by both parties.
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. The buyer of a business in Sabattus may be interested only in control of the business, and other rights within the company may not be as important. Buyers are normally 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?
The advice of a local lawyer practicing in Sabattus will make it much easier to ensure the sale of your business is in compliance with Maine law.