Selling a Business in Virginia

Find the right Selling a Business attorney in Salem, VA

It can be profitable to sell a business, since years of work invested often make it an attractive buy. Being purchased by a competitor or a larger firm is something many businesses look forward to. Nevertheless, the transaction can be complicated. Certain Virginia 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?

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 Salem can lend advice about which offers are worthwhile to consider. In order to decide the proper value for the rights you are selling, financial records must be updated and prepared to comply with Virginia and Federal law. Typically a formal contract will be written as the agreement nears its conclusion. The provisions contained in the contract should present all matters discussed in a fair light, and this requires careful review by both parties.

What Will I Give Up in the Business?

In selling a business, the buyer gains a right known as "control". Control of a business entitles a party to direct its operations and it may also controls what is done with business property. Because the right of control is separable, the buyer of a business in Salem may not be interested in other rights within the company. Actually, control is typically cheaper to purchase without other rights such as the right to future earnings. Sometimes buyers negotiate to allow those right to remain with the seller. The wide variety of concerns that buyers may have make the negotiations process particularly vital. It's important at the beginning for each party to make plain their intentions and concerns.

How Can an Attorney Help?

Virginia law places certain requirements on parties selling a business. Making the sale run properly and smoothly is much easier with the advice of a local lawyer practicing in Salem.

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Life in Salem

Salem, Virginia is an independent city in central Virginia. It is physically located within the borders of Roanoke County, but as an independent city, it is not actually part of the county, nor under that county's jurisdiction. Nonetheless, the county courthouse is located in the city. Salem has a population of about 25,000 people.

Archeological digs show clear evidence of human habitation of the Salem area dating as far back as 8000 BCE (about 10,000 years ago). The first European settlements of Salem came in 1671, and it went on to serve important historical roles in the American Revolutionary War, and the Civil War. The city was officially founded in 1802, and to this day continues to preserve its small-town character in its beautiful natural setting.

Salem is faring pretty well economically - its median household income is about ,000 per year, and less than 7% of residents live below the poverty line, comparedto the nationwide rate of around 15%.

Salem, Virginia has a legal community that is dedicated to meeting the legal needs of the town's residents. If you need any legal services whatsoever, you should not hesitate to call a Salem, Virginia lawyer.

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