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 initial step in selling a Waxhaw 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. The purchaser might want financial records to be updated in accordance with North Carolina and Federal law. This might be required by law in some cases, and besides, it always helps in determining the correct value for the rights you are selling. As an agreement for the purchase is reached, typically 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 may use the business property as it sees fit. A party seeking to purchase a Waxhaw business may not be concerned with all aspects of the company. In fact, purchasers are typically 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 beginning for each party to make plain their intentions and concerns.
How Can an Attorney Help?
North Carolina 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 lawyer practicing in Waxhaw.