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 South Berwick not only help to secure 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?
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 can 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 South Berwick 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. 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?
In selling a business, the seller must meet the requirements of Maine law. A local attorney practicing in South Berwick will be able to advise you about your particular sale.