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 first step in selling a business is to either receive an offer or solicit one. In Brook Park, 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 necessary and will help determine the proper value for the rights you are selling. Lastly, 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?
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. Because the right of control is separable, the buyer of a business in Brook Park may not be interested in other rights within the company. Actually, control is normally 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 vital. Each party should voice their intents and concerns during this process.
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 attorney practicing in Brook Park.