After years of work in a business, it can be quite profitable to sell it. Being acquired by a larger company is something that many hope for. The sale can be complicated, however. There are Federal and North Carolina laws concerning mergers, acquisitions, negotiations and securities exchanges that must be followed.
How Do I Sell a Business?
The first step in selling a Greenville 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 North Carolina and Federal law. As a final step, an agreement for the purchase will be reached, normally 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 Greenville business may not be concerned with all aspects of the company. In fact, purchasers are normally 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 start for each party to make plain their intentions and concerns.
How Can an Attorney Help?
In selling a business, the seller must meet the requirements of North Carolina law. A local attorney practicing in Greenville will be able to advise you about your particular sale.