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 Saline 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. Preparing financial records to comply with Michigan and Federal law is essential and will help determine the proper value for the rights you are selling. As an agreement for the purchase is reached, normally a formal contract will be written. It is important to review such documents before they are signed so that all aspects of the agreement are presented properly.

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. Since buyers in Saline are typically concerned with acquiring control, they may be willing to allow other rights, such as the right to future earnings, to remain with the seller in exchange for the cheapest price on the right of control. These particularities make negotiations vital, during which each party should use the opportunity to voice their intentions and concerns.

How Can an Attorney Help?

In selling a business, the seller must meet the requirements of Michigan law. A local attorney practicing in Saline will be able to advise you about your particular sale.