Selling a business can be quite profitable after years of work invested. Many businesses look forward to one day being bought by larger firms. The process of selling a business is rarely a simple one, however. Federal and Texas 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 Port Lavaca, purchase agents do more than simply find buyers. They also lend advice about which offers are worthwhile to consider. Deciding 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 Texas and Federal law. Finally, 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 may use the business property as it sees fit. Since buyers in Port Lavaca are usually 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. Because of the wide variety of different concerns buyers may have, negotiations are essential. Each party should voice their intents and concerns during this process.
How Can an Attorney Help?
The law in Texas places certain demands on parties who want to sell a business. Lawyers in Port Lavaca are qualified to advise you in this process and ensure that the sale is in compliance with the law.