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. However, selling a business is rarely a simple affair. Parties to the purchase of a business must comply with Federal and New Jersey laws that govern mergers, acquisitions, negotiations and securities exchanges.
How Do I Sell a Business?
The initial step in selling an Englewood Cliffs 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. In order to decide the proper value for the rights you are selling, financial records must be updated and prepared to comply with New Jersey and Federal law. As an agreement for the purchase is reached, usually 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. Since buyers in Englewood Cliffs are generally 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. Negotiations during the sales process are essential, and they should be used as an opportunity to voice fully each party's intentions and concerns.
How Can an Attorney Help?
Parties who want to sell businesses must meet the requirements of New Jersey law. Ensuring that the sale is proper is much simpler with the advice of a local Lawyer practicing in Englewood Cliffs.