Selling a Business in Michigan

Find the right Selling a Business attorney in St. Clair Shores, 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 St. Clair Shores 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 necessary 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?

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. Because the right of control is separable, the buyer of a business in St. Clair Shores may not be interested in other rights within the company. Actually, control is normally cheaper to purchase without other rights such as the right to future earnings. Sometimes buyers negotiate to allow those right to remain with the seller. 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 St. Clair Shores.

Talk to a Business Law Attorney now!

Life in St. Clair Shores

St. Clair Shores is a suburb along Lake Saint Clair. Specifically, it is in Macomb County and is about 13 miles northeast of downtown Detroit.

After World War II the area grew from a small resort community along Lake Saint Clair to a decent sized suburb. Per the 2010 census, its population is 59,715 people.

The city is well-known because every Memorial Day, it is host the the Memorial Day Parade. Also, Michigan residents know the area well because of the "Nautical Mile" site. This site is a strip of Jefferson Avenue between Nine Mile and 10 Mile roads, and is home to retail stores, boat dealers, good restaurants and cafes, and marinas. Basically, it is a popular site for residents and tourists to visit.

Many may not know, but St. Clair is where the Miss America Organization is located. Other popular attractions include Car City Records and Crows Nest East.

There are also attorneys in this area that are able to provide legal services to residents in need.

All in all, St. Clair Shores is a wonderful place to live and visit!

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