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 Ohio 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?
Obviously, the initial step in selling a business is to either receive an offer or solicit one. In Blue Ash, purchase agents do more than simply find buyers. They also lend advice about which offers are worthwhile to consider. Preparing financial records to comply with Ohio and Federal law is crucial and will help determine the proper value for the rights you are selling. Finally, an agreement will be reached in the form of a written contract. All parties should review the contract to ensure that it reflects a complete understanding of what the parties have agreed.
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 may also controls what is done with business property. Because the right of control is separable, the buyer of a business in Blue Ash may not be interested in other rights within the company. Actually, control is typically 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. The wide variety of concerns that buyers may have make the negotiations process particularly vital. It's important at the beginning for each party to make plain their intentions and concerns.
How Can an Attorney Help?
Ohio law places certain requirements on parties selling a business. Making the sale run properly and smoothly is much easier with the advice of a local Lawyer practicing in Blue Ash.