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 York laws that govern mergers, acquisitions, negotiations and securities exchanges.
How Do I Sell a Business?
Obviously, the first step in selling a business is to either receive an offer or solicit one. In Blauvelt, purchase agents do more than simply find buyers. They also lend advice about which offers are worthwhile to consider. The purchaser may want financial records to be updated in accordance with New York and Federal law. This may 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 can use the business property as it sees fit. Because the right of control is separable, the buyer of a business in Blauvelt may not be interested in other rights within the company. Actually, control is typically 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. 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?
The advice of a local Attorney practicing in Blauvelt will make it much easier to ensure the sale of your business is in compliance with New York law.