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?
To sell a business there must be an offer, whether it is solicited or not. Purchase agents in Glens Falls not only help to secure an offer, but also lends advice about which offers are worthwhile to consider. In order to determine the proper value for the rights you are selling, financial records must be updated and prepared to comply with New York and Federal law. Usually 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 Glens Falls business may not be concerned with all aspects of the company. In fact, purchasers are usually 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. Negotiations become vital in light of these particularities, and each party should use negotiations as an opportunity to make plain their intentions and concerns.
How Can an Attorney Help?
In selling a business, the seller must meet the requirements of New York law. A local attorney practicing in Glens Falls will be able to advise you about your particular sale.