Selling a business is one of many exit strategies available to owners. For a sale to proceed smoothly, it is important for owners to understand the implications of the sale from a legal perspective. The legal counsel at Surrey's Horizon Law Corporation advise on all aspects of a business sale, including the responsibilities and duties of the seller as outlined in the contract.
Preparing To Sell Your Business
Prior to entering a deal to sell your business, it is important to get advice from an accountant or other professionals. These professionals can assist in the proper valuation of the business given the current marketplace. A financial or legal advisor can also recommend either sale of the business' assets or, if you are incorporated, the company's shares, depending on your specific circumstances and objectives for your exit strategy and the tax consequences of each type of sale.
To prepare for sale, you should have several items in order, including:
- Last three years' financial statements
- Last three years' tax returns
- List of inventory items and their value
- List of fixtures and equipment and their value
- List of existing contracts, including leases and franchise agreements
- List of outstanding debts and payment schedules and the security given
When you are ready to sell, the lawyer at Horizon Law Corporation, Lina Lee, will review the terms of your purchase agreement. Lina Lee will ensure the contract language is consistent with the deal struck between you and the buyer. She can also advise on whether the terms imposed by the buyer are more onerous than is appropriate, and determine how the language of the contract can be modified accordingly.
Business Succession Planning Lawyer In White Rock
For advice on business mergers or to contact a lawyer for selling a business in Surrey and White Rock, call Horizon Law Corporation at 604-538-7074 or contact us online. Lina Lee has been a respected B.C. lawyer for more than 15 years and can bring her experience to benefit you in your business sale transaction.