What To Consider In Business Purchases And Sales

Are you considering the purchase or sale of a business in the West Palm Beach area? It is essential to work with an experienced West Palm Beach business law attorney from the start, whether you are planning to offer your business for sale or you are beginning to look at other businesses in the area that you might purchase in order to expand your current company’s offerings or to become a business owner for the first time. Our West Palm Beach business lawyers want to provide you with more information about business purchases and sales in South Florida, and we want to clarify some of the key issues you should consider whether you are planning to buy or sell a business.

Selling Your Florida Business: What to Consider 

When you are planning to offer your business for sale, it is critical to think about some key considerations before you move forward. First, and most importantly, have you considered the various steps involved in successfully selling a business? For example, have you had your business appraised based on its existing strengths and weaknesses in the market, and is the market at a current place where selling your business makes the most sense? In other words, is there demand for what your business offers such that you will receive fair compensation for a sale? In addition, in thinking through the sales process, you should focus on finding an experienced broker and attorney to assist you through the process.

If you already have a specific buyer that is interested in purchasing your company, is the buyer really the right individual or entity to purchase your business? While you should not necessarily attach emotions to the sale of a business, you may have an interest in ensuring that certain aspects of the business remain intact, or that certain employees will be able to stay with the company.

Before you offer your business for sale, it is also important to consider whether you have the right exit strategy in place. Depending upon the terms of the business sale, are you prepared to leave your company altogether, or are you ready to remain with the business under new leadership? If you do leave the business, have you considered the potential implications of any Florida restrictive covenants associated with the sale of the business?

Buying a Florida Business: What to Consider 

If you are planning to buy a business, there are also important considerations to ponder. In South Florida, it is critical to consider whether the business is primarily seasonal such that you may need to make contingency plans in off-season months. It is also essential to due due diligence to know what kinds of legal obligations the business currently has that will become yours if you make a purchase, how the business’s marketing strategies have been created, whether there is an existing client or customer base, whether the asking price is consistent with market conditions, and whether you need to acquire a license or permit in order to operate the business.

Contact Our West Palm Beach Business Law Attorneys Today 

Are you considering the possibility of selling or buying a business in South Florida? Do you have questions or concerns surrounding the purchase or sale of a business in the West Palm Beach area? An experienced West Palm Beach business & corporate lawyer at our firm can speak with you today about your circumstances. We can answer any questions you have, and we can advise you through the process of buying or selling a business in Florida. Contact Kelley Kaplan & Eller for more information.

Resource:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0500-0599/0542/Sections/0542.335.html