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 Ithaca not only help to acquire an offer, but also lends advice about which offers are worthwhile to consider. Deciding the correct value for the rights you are selling is critical in this process. To do this, financial statements must be updated and prepared to comply with New York and Federal law. As a final step, an agreement for the purchase will be reached, usually in the form of a written contract. It should be reviewed by all parties to ensure that what was agreed upon is accurately presented.
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. The buyer of a business in Ithaca may be interested only in control of the business, and other rights within the company may not be as important. Buyers are usually looking for the cheapest route to control, and this may allow the seller to retain other rights such as the right to future earnings. 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 lawyer practicing in Ithaca will make it much easier to ensure the sale of your business is in compliance with New York law.