How Is The Sale Of A Business Ultimately Going To Be Legally Finalized?
How the sale of a business is finalized depends on the nature of the agreement that the two parties strike. Ideally, when someone is selling a business, they want a certain price and they don’t want any exposure after the sale. Sometimes, that can happen, depending on the economy and how many potential purchasers are looking to buy that kind of business. Other times, it can’t happen and adjustments have to be made. The attorney’s job is to manage the expectations of the client and try to help the client understand whether those expectations are unreasonable. In some cases, it may be the best-case scenario to accept a payment plan or offer warranties on equipment for a higher sale price.
If My Business Is About To Go Under, Is Selling The Best Option? What Should Be Considered As An Alternative?
If you, as a business owner, are not going to be able to pay your vendors, then you should let an attorney help you navigate that. There are instances where a bankruptcy may allow you to reorganize your debt and keep your business. In other cases, you may have no choice but to sell and to sell at lower than ideal price. You might be able to refinance, as an alternative, or take on other investors. There are always alternatives. It is something that needs to be discussed with an attorney.
The COVID-19 pandemic has changed a lot about businesses being able to stay open. There may not be any buyers out there right now. It is a brand-new game for everyone. I do think it is a mistake to assume that you must sell your business for cheap and give up. Your attorney needs to be creative, within the bounds of legality, in trying to find solutions that will give you the best possible outcome.
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