Preparing to sell a business can be a long and difficult process. Not only do you have to make sure everything is organized and stable internally, but everything must be organized for the sale itself.
As a business law attorney in Raleigh, I help guide my clients through the many things must be considered before and while you are in the process of selling their business. Among these considerations are legal considerations that can make or break a sale.
3 important legal considerations to make when selling a Raleigh business are:
- Financial records and agreements: Interested buyers of a business will want to see all the records on the company, including most importantly, financial records. Financial records can show how the business handles its money as well as how it has performed in the past few years. They will also want to look into any agreements with employees, landlords, suppliers, etc. The more organized the records are, the better the chance of selling the business.
- Nondisclosure agreement: Potential buyers will want to have access to a great amount of information on the Raleigh business in order to properly investigate and determine if they want to buy the business. Creating a nondisclosure agreement ensures that they will not share or take any information that they view from the process. This prevents them from taking any of your clients or trying to hire any of your current employees.
- Letter of intent: Creating a letter of intent allows for the buyer and seller to outline the terms of the selling of the business. It is non-binding, but it gives both parties an idea of what they want and it allows for them to negotiate the details of the transaction. It also allows for lawyers on both sides to draft any other legal documents that may be involved in the sale
Our team at Thornton Law Firm can assist you with your legal needs. including any legal documents when dealing with selling your business. For more information or to just get in touch with us, you can contact us here.
