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 Utah 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?
An offer is the initial step in selling a business, whether you solicit one or simply receive one spontaneously. In addition to securing a prospective buyer, purchase agents in Heber can lend advice about which offers are worthwhile to consider. Preparing financial records to comply with Utah and Federal law is imperative and will help determine the proper value for the rights you are selling. 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 Heber are generally 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 Utah places certain demands on parties who want to sell a business. Lawyers in Heber are qualified to advise you in this process and ensure that the sale is in compliance with the law.