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. The process of selling a business is rarely a simple one, however. Federal and New York laws govern the areas of mergers, acquisitions, negotiations and securities exchanges, and they must be followed for the transaction to have legal effect.
How Do I Sell a Business?
The initial step in selling a Mount Kisco 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 York and Federal law. A formal contracts will likely be written to solidify the sales agreement. Careful review of this agreement is imperative so that all concerns voiced during negotiations are 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. Because the right of control is separable, the buyer of a business in Mount Kisco may not be interested in other rights within the company. Actually, control is usually 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. Because of the wide variety of different concerns buyers may have, negotiations are essential. Each party should voice their intents and concerns during this process.
How Can an Attorney Help?
The advice of a local Lawyer practicing in Mount Kisco will make it much easier to ensure the sale of your business is in compliance with New York law.