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. The sale can be complicated, however. There are Federal and Wisconsin laws concerning mergers, acquisitions, negotiations and securities exchanges that must be followed.
How Do I Sell a Business?
The initial step in selling a Fox Point business is soliciting an offer. A purchase agent can help you find prospective buyers, as well as advise you concerning whether offers that you receive are worth consideration. 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 Wisconsin and Federal law. A formal contracts will likely be written to solidify the sales agreement. Careful review of this agreement is crucial so that all concerns voiced during negotiations are accurately presented.
What Will I Give Up in the Business?
Essentially, the sale of a business entails the passing of a right known as ?control?. With control of a business, a party might direct its operations and dispose of its property as it sees fit. Since buyers in Fox Point 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. The wide variety of concerns that buyers may have make the negotiations process particularly vital. It's important at the outset for each party to make plain their intentions and concerns.
How Can an Attorney Help?
In selling a business, the seller must meet the requirements of Wisconsin law. A local lawyer practicing in Fox Point will be able to advise you about your particular sale.