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?

An offer is the first step in selling a business, whether you solicit one or simply receive one spontaneously. In addition to securing a prospective buyer, purchase agents in Wixom can lend advice about which offers are worthwhile to consider. During this process, the financial records must be updated and prepared in strict accordance with Michigan and Federal law. The reliability of these methods is crucial in determining the proper value for the rights you are selling. As a final step, an agreement for the purchase will be reached, usually 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?

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. A party seeking to purchase a Wixom business may not be concerned with all aspects of the company. In fact, purchasers are usually interested in acquiring control as cheaply as possible, and this may allow other rights, including the right to future earnings, to be apportioned or even retained by the seller. The wide variety of concerns that buyers may have make the negotiations process particularly vital. It's important at the outset for each party to make plain their intentions and concerns.

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 Wixom.