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 Chardon, 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 essential and will help determine the proper value for the rights you are selling. As an agreement for the purchase is reached, normally a formal contract will be written. It is important to review such documents before they are signed so that all aspects of the agreement are presented properly.

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. A party seeking to purchase a Chardon business may not be concerned with all aspects of the company. In fact, purchasers are normally 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. 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?

The advice of a local attorney practicing in Chardon will make it much easier to ensure the sale of your business is in compliance with Ohio law.