Britton Law, P.A.
Free Consultation For Injury Cases
910-401-3356
Due to precautions related to COVID-19, remote consultations via teleconferencing, Facetime or Skype are available. Please contact our office to discuss if this option is appropriate for your situation. Let’s all stay healthy and safe.

What to know about selling a company

Business owners in North Carolina and elsewhere who plan on selling their companies should start preparing for the sale as soon as possible. Being proactive about the process of selling a company allows an owner to exert more control over it. In most cases, it will take about a year to complete the transaction. Ideally, a company will have an outside accountant prepare formal financial statements that a buyer can review.

While it's not mandatory, it is usually a good idea to provide audited statements as the information is more reliable. Businesses will also need to compile a detailed list of all the assets that are included as part of the deal. For example, a buyer will want to see a list of all the clients a company has or learn more about how much any equipment the organization owns is worth. It is typically a good idea to have real estate or other valuable tangible assets appraised before the sale process begins.

It is important to understand how the transaction will be structured before accepting a deal. In most cases, the current owner will need to remain with the company for a year or so after the deal closes. The buyer might also ask to pay in installments as opposed to making a lump sum payment to acquire the organization.

Anyone who is contemplating the sale of a business will likely want to do so with the help of an attorney. Legal counsel may be able to help a person prepare financial statements or organize other key information related to the sale. This may allow the deal to close in a timely manner. An attorney might also help a business owner resolve any disputes that arise during the sale process or after the sale process concludes.

No Comments

Leave a comment
Comment Information

Send Us An Email. We’ll Listen.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Britton Law, P.A.
2850 Village Drive, Suite 206
Fayetteville, NC 28304

Toll Free: 888-811-9738
Phone: 910-401-3356
Fayetteville Law Office Map

Britton Law, P.A. Office

Call Our Law Firm:

910-401-3356 ~or~ 888-811-9738
What to know about selling a company | Britton Law, P.A.