Which Other Professionals May Need To Be Brought In To Assist In Various Aspects Of Selling My Business?
There are occasions where I have run into the sale of businesses where I am not adept at knowing all the ins and outs of that type of business. In those cases, I may need to seek the help of a professional business broker. If there is a real property, I have a broker’s license in the state of Florida for real estate. I am not a tax attorney, however, so I will usually bring in an accountant to discuss taxes. You could also have different types of appraisals that are required. You want to go to an attorney who has a network of those kinds of people to reach out to, as opposed to one who just has a general practice and never consults anyone.
How Does An Owner Determine The Health Of Their Business And How Much Of This Should Be Disclosed To Potential Buyers?
There are certain things that should always be disclosed, from a legal standpoint. If the business is involved as a defendant in any type of legal action, that should be disclosed. If the business is right on the cusp of litigation and the seller knows that an upcoming lawsuit is going to be filed, that needs to be disclosed. Obviously, the financial information that is given has to be accurate. When presenting an offer to the buyer, the seller is presenting the business in the best light possible while making these disclosures. If there is real property involved, there are certain disclosures you have to make concerning the building. You may have certain kinds of relationships that need to be disclosed, especially if the potential purchaser is going to take on new employees.
If there is some type of ongoing relationship between the buyer and seller, there are disclosures that may have to be made so that the buyer doesn’t later claim that they were not properly informed. Clients need to be honest with their attorney. Some things may need to be disclosed and some things may not need to be disclosed. Counsel can guide the seller through the process and advise on what does and does not require disclosure.
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