Selling a Business in Ohio

Find the right Selling a Business attorney in Cincinnati, OH

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 Cincinnati, 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. As an agreement for the purchase is reached, usually 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 may use the business property as it sees fit. A party seeking to purchase a Cincinnati 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 Ohio law. A local lawyer practicing in Cincinnati will be able to advise you about your particular sale.

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Life in Cincinnati

Cincinnati is the county seat of Hamilton County, Ohio. It has a population of over 333,000 which makes it the third-largest city in Ohio (behind Columbus and Cleveland).

In the early 19th Century, when the U.S. was rapidly expanding westward, Cincinnati became the first "boomtown" (a community that experiences sudden and massive population and economic growth) in what was then the western frontier to rival the more-established cities of the East Coast in size and wealth.

Before railroads were common, steamboats which traveled along the country's larger rivers were the predominant method of mass transport. Cincinnati, being near the Ohio River, was a major transportation hub. However, when railroads became more predominant, Cincinnati's importance in the transport industry waned, and it was quickly surpassed in population by nearby cities, such as Chicago.

Modernly, Cincinnati, Ohio is no economic slouch, and hosts headquarters or major satellite offices of many large, multinational corporations, such as Macy's, Proctor and Gamble, and The Kroger Company (a large supermarket chain, and parent company of a few smaller, regional chains).

Being a relatively large city, there are plenty of lawyers in Cincinnati, Ohio who can handle just about any legal problem that can possibly come up. While no single lawyer can handle every type of case, there are enough specialized Cincinnati, Ohio lawyers that there's at least one who can handle yours.

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