Selling a business can be quite profitable after years of work invested. Many businesses look forward to one day being bought by larger firms. Nevertheless, the transaction can be complicated. Certain Ohio and Federal laws governing mergers, acquisitions, negotiations or securities exchanges may come into play during the sale of a business.
How Do I Sell a Business?
Obviously, the first step in selling a business is to either receive an offer or solicit one. In Shelby, purchase agents do more than simply find buyers. They also lend advice about which offers are worthwhile to consider. Determining the correct value for the rights you are selling is critical in this process. To do this, financial statements must be updated and prepared to comply with Ohio and Federal law. 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. The buyer of a business in Shelby may be interested only in control of the business, and other rights within the company may not be as important. Buyers are typically 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 become vital in light of these particularities, and each party should use negotiations as an opportunity to make plain their intentions and concerns.
How Can an Attorney Help?
The law in Ohio places certain demands on parties who want to sell a business. Attorneys in Shelby are qualified to advise you in this process and ensure that the sale is in compliance with the law.