Selling Your Business, if done properly, can be a stress free process.

It is wise to place all the marbles in order before putting out the word.

Never sell your business in a rush. That is what any good law firm will recommend.

Preparing and having all information and documents available will make it simple to answer questions.

Being able to demonstrate clearly all relevant details will  start the process with a favorable impression.

In addition, getting proper professional legal advice by a Florida Real Estate Law Firm will simplify the entire process.

A lawyer will:

• Know the State and Local Laws governing the sale of a business.
• Simplify and make sure the orderly transition of ownership.
• Make sure that all legal documentation have been prepared.

A few things to have at hand:e

• Profit & loss statements.
• Tax returns.
• Lease documents.
• A full list of what is included on the sale.
• Financial institutions with which the business deals with.
• Any outstanding obligations.
• Franchise documentation (if it applies).
• A list of people that can provide references.

Offering fast and precise information from the beginning will retain the serious buyers and therefore save time from being wasted.

When negotiating the deal, there are several items on the agenda that must be covered by both parties:

• The purchase price
• The way by which the price will be calculated
• Details of when the payment will be made
• Details of how the payment will be made
• Will the transaction be a sale of shares or assets?
• What is included/excluded from the sale, for example furniture, machinery etc.
• Purchase of personal assets by directors of the selling company
• Premises – are these freehold or leased?
• Transfer of pension fund
• Intellectual property rights
• Removal of directors’ personal guarantees to the bank
• Any future involvement of the seller in the business (if any)
• What, if any, competition restrictions need to be put in place? Such as having a non-compete agreement in certain territories.
• Service contracts/consultancy agreements
• Warranties and indemnities
• Employees. For example are there employees that have guaranteed positions in case of a transfer of ownership.
• Schedule to completion
• Sellers protections
• Any exclusivity agreement

For owners of small and medium businesses and especially family run businesses it is particularly relevant.

Time spent in advance in order to present the business in the best light to potential buyers is often critical to the success of the sale.

When buying or selling your business, having a solid legal team behind you is highly recommended .

Having the best Professional legal advice will assure that all obstacles are removed, hence there will be a fast and worry-free outcome.🔊 Listen to Post