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 West Virginia laws concerning mergers, acquisitions, negotiations and securities exchanges that must be followed.
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 Huntington can lend advice about which offers are worthwhile to consider. The purchaser might want financial records to be updated in accordance with West Virginia and Federal law. This might be required by law in some cases, and besides, it always helps in determining the correct 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 Huntington 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. 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?
Parties who want to sell businesses must meet the requirements of West Virginia law. Ensuring that the sale is proper is much simpler with the advice of a local Lawyer practicing in Huntington.