Selling a Business in Virginia

Find the right Selling a Business attorney in Suffolk, 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 Suffolk 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. A formal contracts will likely be written to solidify the sales agreement. Careful review of this agreement is imperative so that all concerns voiced during negotiations are accurately presented.

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 Suffolk 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. Negotiations become essential 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 advice of a local lawyer practicing in Suffolk will make it much easier to ensure the sale of your business is in compliance with Virginia law.

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Life in Suffolk

Suffolk is considered the largest city in Virginia. Per the 2010 census, it has a population of 84,585 people. Neighboring waters include the Nansemond River and James River.

Top employers include Kraft Foods, Lockheed Martin, Raytheon, Unilever, Lipton Tea, Target, QVC, Wal-Mart, and the U.S. Joint Forces Command (JFCOM). Although not considered a top employer, the legal industry also has a strong presence in Suffolk because many residents are attorneys who practice in various areas and provide personalized legal services to their clients.

Some famous people who have lived in, or currently call Suffolk home, include Mills E. Goodwin Jr., Antwan Lewis, Lex Luger, Joe Maphis, and Charlie Byrd.

All in all, Suffolk is a beautiful city that is rich in history and offers its residents and visitors a warm and welcoming atmosphere.

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