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 Oklahoma 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 initial step in selling a business is to either receive an offer or solicit one. In Altus, 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 Oklahoma 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, 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 may use the business property as it sees fit. Since buyers in Altus are typically concerned with acquiring control, they may be willing to allow other rights, such as the right to future earnings, to remain with the seller in exchange for the cheapest price on the right of control. Negotiations during the sales process are essential, and they should be used as an opportunity to voice fully each party's intentions and concerns.
How Can an Attorney Help?
The advice of a local lawyer practicing in Altus will make it much easier to ensure the sale of your business is in compliance with Oklahoma law.