Attorneys for Business Owners Selling Their Businesses in OhioWhen you are selling your business, you need a law firm that can work with you to minimize risks and maximize your gains from the sale.
You've worked hard to build your business. If you've been approached by a prospective buyer or you are otherwise looking to sell, then you need to partner with a business attorney who can guide you through the process of selling your business and through closing.
Selling Share of Ownership versus Selling the Whole BusinessIf you are one of a few owners of a business and you are simply trying to sell your shares, then there are some legal considerations that are different than if you are selling the whole business. First, an attorney would want to know if you have a buy-sell agreement. If so, then that document will dictate how the sale will go. If not, then the terms of the sale need to be negotiated between the seller of the business, the purchaser, and the remaining owners. This will involve finding a fair price on a per share value.
If the business ownership stake is going to be passed along to your children, or other family member, then the proper business succession planning arrangements should be made between yourself and your business attorney. Business succession planning can (and ideally should) be set up years before you actually sell your ownership stake.