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 first step in selling a Sayville 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. Preparing financial records to comply with New York and Federal law is essential and will help determine the proper value for the rights you are selling. A formal contracts will likely be written to solidify the sales agreement. Careful review of this agreement is essential 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 can use the business property as it sees fit. The buyer of a business in Sayville may be interested only in control of the business, and other rights within the company may not be as important. Buyers are normally 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?
Parties who want to sell businesses must meet the requirements of New York law. Ensuring that the sale is proper is much simpler with the advice of a local attorney practicing in Sayville.