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Helping Clients Navigate the Complex Process of Buying or Selling a Business in NYC
While small business owners often plan to own their company for many years, sometimes life doesn’t work out that way. You could find your business struggling or see other opportunities and decide to take advantage of the chance to sell your successful company. Whenever you consider selling a business in NYC, you should reach out to trusted business lawyers who can protect your interests during the business transaction. Purchasing a business is an equally exciting way to grow wealth, which also requires the help of New York small business attorneys.
Business Sale Transactions
Your attorney can help with every step of the transaction, including negotiating a purchase price, drafting powerful contracts that protect all parties, and providing other crucial legal services. If you are a business owner, we urge you to consider hiring a business attorney, even if you aren’t planning to sell. Your lawyer can help protect your intellectual property and create joint venture agreements, employment agreements, confidentiality agreements, and other contracts that are critical to the growth and legal protection of your business.
At our law firm, we have helped many New York, NY clients complete successful business transactions. Reach out to our team today for experienced legal representation and excellent legal counsel, no matter what stage of business formation and disposition you are in.
Call now at 516-908-9519 to schedule a free initial consultation.
What Are the Steps of Selling a Business?
Selling a New York business involves complex corporate laws. Both parties must come to an agreement about various parts of the sale, including handing over corporate governance, intellectual property rights, and, of course, the final selling price. Shareholder agreements and asset purchase agreements may also play a part in the sale.
Some of the basic steps of selling a business include:
- Reviewing the potential buyer’s letter of intent, which may indicate how the sale will proceed
- Composing non-disclosure agreements to protect the business owner’s intellectual property, including trade secrets, customer contact information, and company governance procedures
- Due diligence, which is when the buyer analyzes the business to review information such as the business’s overall health, employee base and other employment matters, tax returns, assets, debts, commercial leases, business contracts, and so on
- Negotiating a sale price and sale agreement document, including proposals for how to allocate assets and liabilities
- Conducting post-closing obligations, such as enacting the business succession plan
When you are selling a business, you need a small business attorney with extensive experience to ensure your legal rights are protected. Our team of attorneys offers legal guidance on strategic planning and making the most of the sale of your business. Our clients also find that our advice gives excellent liability protection as they buy or sell their companies.
What Happens During Due Diligence?
The due diligence period is critical to both the buyer and seller. The potential buyer wants to ensure that the proper documents are in place, including stock purchase agreements, operating agreements, and other essential business matters. They usually conduct a thorough search of the company’s financial records to determine whether they are getting a fair deal and whether the business has a chance of succeeding. Having an attorney help with this process is essential to protect the buyer as they consider investing in the business.
Protect Your Rights
On the other hand, the business owner must ensure that their legal rights are protected, including using an NDA to protect their privacy. If knowledge of the pending sale leaks too soon, this could have a negative impact on customer and employee loyalty, even if the sale doesn’t go through. Contacting New York business lawyers like those at our law firm is one of the best steps you can take to protect yourself while facing the due diligence period as a business owner.
How Can a Lawyer Help Me Sell My Business?
When it’s time to move on and sell your company, you need a professional with a great depth of experience in business law. With all the time, effort, and money you have put into building your limited liability company, C corporation, S corporation, partnership, or other business entity, you deserve to get the most out of the sale.
A business lawyer fulfills many duties during a business transaction, including:
- Advise clients on legal issues that may come up during the sale
- Negotiate the best deal with the other party
- Ensure the transaction complies with local by-laws
- Raise capital if the client is looking to enter any other business ventures
- Protect the client through non-disclosure agreements and other documents to preserve the company’s privacy
- Help the client overcome any other legal hurdles during the sale
Should You Hire Our Business Sales Attorneys?
Whether you need general counsel regarding growing or selling your company or if you have a specific legal issue you need addressed, you can rely on Fisher Stone, P.C. We have handled countless business transactions, including the many related issues that arise during business acquisition and disposition. We strive for legal excellence in every case and will work tirelessly to get you a favorable outcome in your transaction.
Call today to schedule a free consultation with our talented legal team at 516-908-9519.