Selling a Business & Business Transition Planning
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.
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