Selling a Business in Michigan

Find the right Selling a Business attorney in Livonia, MI

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 a business is rarely a simple one, however. Federal and Michigan laws govern the areas of mergers, acquisitions, negotiations and securities exchanges, and they must be followed for the transaction to have legal effect.

How Do I Sell a Business?

The first step in selling a Livonia 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 Michigan and Federal law. As a final step, an agreement for the purchase will be reached, typically 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?

Essentially, the sale of a business entails the passing of a right known as ?control?. With control of a business, a party may direct its operations and dispose of its property as it sees fit. The right of control can be separated easily from the business, and this often leads the buyers in Livonia to be less interested in other rights within the company. In fact, buyers often leave other rights, such as the right to future earnings, with the sellers so that they can acquire control more cheaply. Because of the wide variety of different concerns buyers may have, negotiations are vital. Each party should voice their intents and concerns during this process.

How Can an Attorney Help?

Michigan 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 Livonia.

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Life in Livonia

Livonia is located in Wayne County, Michigan. It is home to around 96,950 people, making this area a very large suburb.

Some of this large suburb's top employers include Comerica Bank, General Motors, The Harvard Drug Group, the school district, McKesson Pharmaceuticals, Sears, Roebuck Co., Technicolor Video Services, Tower International, TRW Automotive, and Valassis. Of course, to supports these large employers, Livonia has a competent legal force comprising of intelligent, driven attorneys who act in their clients' best interest at all times. As well as these businesses, the legal force also serves as a wonderful support to local residents with their respective legal matters.

Some famous people who have called Livonia home at some point include Bernie Carbo, Chris Conner, Mike Donnelly, Judy Greer, Mike Modano, David Moss, Aaron Palushaj, Chris Tancill, and Jonathan B. Wright.

Overall, Livonia is a large suburb that provides residents and visitors with small town charm and a community-like spirit!

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