Selling a Business in New York

Find the right Selling a Business attorney in Buffalo, NY

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 Buffalo, 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. Normally a formal contract will be written as the agreement nears its conclusion. The provisions contained in the contract should present all matters discussed in a fair light, and this requires careful review by both parties.

What Will I Give Up in the Business?

In selling a business, the buyer gains a right known as "control". Control of a business entitles a party to direct its operations and it can also controls what is done with business property. A party seeking to purchase a Buffalo 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. These particularities make negotiations vital, during which each party should use the opportunity to voice their intentions and concerns.

How Can an Attorney Help?

The advice of a local attorney practicing in Buffalo will make it much easier to ensure the sale of your business is in compliance with New York law.

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Life in Buffalo

Buffalo has lots of nicknames like "the city of good neighbors," "the nickel city," and "the queen city" but the slogan that's best is "city of light." Buffalo, as the second most populous municipality in the State of New York, is just that. Buffalo is a waterfront city standing at the edge of where the Buffalo River, Niagara River, and Lake Eerie intercept. That means there are many tourists who come to Buffalo to see the Niagara Falls that are just 15 minutes away from downtown. Downtown Buffalo is a center of banking with major operations for First Niagara Bank, MT Bank, HSBC Bank USA, Bank of America, and KeyBank. Rich Products is one of the world's largest family owned food manufacturers and has their corporate headquarters in Buffalo.

Buffalo's economy is largely reliant on health care and education that have had continuous success in the face of the recession. The Buffalo Niagara Medical Campus and the University of Buffalo are largely to credit. Both institutions vastly expanded in the past few years offering more jobs and opportunities to Buffalo residents. Forbes Magazine rated Buffalo as the 10th best place to live in the United States in 2010. The Buffalo City Hall is a world renown building for its design by Art Deco. There are also a number of parks that are well kept in Buffalo. None compare to the Buffalo and Eerie County Botanical Gardens drawing visitors from far and wide.

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