Selling A Business

Expert Legal Advice for Selling Your Business

Selling a business is often the biggest transaction of your life. Deciding when and how to sell your business requires professional legal advice and advance planning for a successful sale.

The success of selling your business depends on finding the right buyer, negotiating favorable terms of sale, and drafting legal documents to set out the rights and responsibilities of buyer and seller.

The right buyer must be qualified to run the business and fulfill all financial obligations of the sale. Successful negotiations should address all key terms and allocate risk fairly. Finally, legal documents must capture all of the details to avoid surprises after closing.

James M. Hillas, P.C. offers guidance regarding business transition issues such as:

  • Succession planning strategy
    • Identifying owner and business interests
    • Positioning for successful transition or sale
  • Documenting business transitions and sale transactions
    • Confirming post-sale relationships with owners regarding ongoing support and competitive restrictions.
  • Business sale agreements & closing conditions
  • Stock and asset sales
  • Warranties of the buyer and seller
  • Inheriting a business, buy-outs, dissolutions, re-organizations, etc.
  • Intellectual property rights and transactions

Strategic Business Succession Planning

Effective business succession planning identifies the owner’s goals and exit strategy.

Whether that means retirement, cutting back while staying with the company, or merging with a competitor, the business succession plan must include a realistic value of the business. In addition, the succession plan must consider the ongoing needs of the business to ensure its viability after the transition.

Contact James M. Hillas for help developing an effective business transition strategy to ensure the process goes smoothly.

Accurately Documenting Your Business Transition

Great negotiation skills don’t mean much without an enforceable sales contract. Having an experienced business lawyer involved early on ensures that you don’t overlook key issues.

Legal documents in a business sale typically include a purchase and sale agreement confirming the price and payment terms, a promissory note for payments made over time, warranties and representations made by the buyer and seller, an assignment of contract liabilities that the buyer will take.

Buyers also may want post-closing restrictions preventing the seller from competing with the new owner.

James M. Hillas Can Help You Transition Your Business with Confidence

The sale of a business is the reward for hard work that is finally paying off. But a successful sale is a process, not an event.

James M. Hillas is an experienced business attorney that can help position your company for a successful sale.

Reach out for a consultation today!

 

NOTE: This site is designed for general informational purposes only. The information contained in this site is not intended to be, and should not be construed as legal advice or the creation of an attorney/client relationship. An attorney/client relationship will not be created without the express written consent of James M. Hillas, P.C.

As a small business owner I take comfort in knowing that I have Jim in my corner when dealing with legal matters that pertain not only to my business but also my personal life. Jim has always been very responsive to my needs and has a wide range of knowledge in dealing with my company, my employees and my professional colleagues. I highly recommend Jim as legal counsel for any small business owner.

-Tom Reap, AmCheck of Portland

In the crowded world of legal 'experts', Jim clearly stands out as someone who is both personable yet professional, genuinely takes an interest in his clients and their respective situations, exhibits a strong work ethic and offers up a solution-based approach to any/all legal challenges.

-Nancy Evans

Jim is a valued business advisor and key part of my team of experts at EVO Solutions. He brings great experience and wisdom across a spectrum of legal and business issues. Jim's style is personable while quickly getting to the matter at hand, which consistently saves me both time and money. I deeply trust Jim's counsel and frequently recommend him to friends/colleagues. He is great to work with!

-Tom Flynn, EVO Solutions, LLC

I found Jim to have a very high level of integrity and honesty as well as a demeanor that made it much easier to work through the difficult issues I was facing. I have watched him grow in his acumen and expertise over the years and would not think twice about calling on him or recommending him.

-Thom Walters

I have worked together with Jim Hillas on a couple matters and have discussed many others with him. Jim is, in my opinion, the best type of lawyer. He combines comprehensive knowledge of corporate transactional and litigation law with extensive experience and unbeatable personal service. I highly recommend him.

-Chris Brooks, Brooks Estate Law PC

Jim advised me while I was setting up my first business. He reviewed some contracts for 'gotchas', advised me of good practices and pitfalls, and helped with some of the paperwork. He also set up my will. I found him to be articulate and careful and overall I was well served by getting his advice.

-Ken Millard, Aries Engineering, Inc

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