Building a successful business can take time and after months or years of work, it can be gratifying to see your efforts pay off. At some point, you may decide to sell your operation so you can move on to other plans and projects. Before moving forward with the sale, it’s important to learn more about the steps you will need to take during the process. Here is more on selling your Florida business:
Valuation of Your Florida Business
Sometimes, sellers and buyers have very different ideas about how much an enterprise should cost. Therefore, the first step to take before selling your business will be to determine its worth. Getting a business valuation can help the parties get on the same page. Business valuations concern numerous factors such as assets, accounts payable, debts, and other important details. However, the business valuation process can be complicated, and it’s important to ensure that your enterprise is accurately assessed.
At this stage, it would be in your best interest to consult with an experienced Florida business attorney. Your business lawyer can help you review your goals, determine the best way to obtain an accurate valuation, and prepare your business for sale.
Addressing Outstanding Issues
Once you have a sense of your business’s worth, you will want to address any outstanding issues. These may include any debts or unpaid taxes. You may also need to manage payroll and other employee-related matters. Finally, you will also want to ensure that you have cleared up any potential claims against your entity.
Consider Transition Issues
As you prepare to sell your business, you will want to think about how the transition will impact you, other interested parties, and employees. For instance, if you want to sell your partnership interest, you will most likely be subject to a partnership agreement. Likewise, if you are part of a limited liability company, you may have an operating agreement. Further, your desire to sell could impact shareholders. If you have any existing agreements, you will need to review their contents and determine if there are terms that control how you can sell your interests.
Drafting the Sales Contract
Once you have addressed your entity’s outstanding and transition issues, you will need to consider drafting the sales contract. This written agreement will set out all of the terms that are relevant to the sale, such as the parties, price, and a description of what is being sold. Your sales contract should also include protective provisions.
The best way to ensure that your sales agreement is properly drafted and contains the right protective language is by working with an experienced Florida business attorney. Your business lawyer can help you plan for your business transition and create documents that safeguard your interests and support your transition.
Florida sales contracts can be extremely complex, and it’s essential that you work with counsel that can provide you with the advice and advocacy you need during the process. By working with an experienced Florida business attorney, you can plan for your sale and make sure you have addressed all necessary issues.
Contact an Experienced Florida Business Lawyer
Attorney Richard Sierra at the Florida Small Business Legal Center assists clients like you with commercial leasing, business, and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.