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 New Hyde Park 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. 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. A party seeking to purchase a New Hyde Park 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. These particularities make negotiations essential, during which each party should use the opportunity to voice 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 lawyer practicing in New Hyde Park will be able to advise you about your particular sale.