Selling a business in Florida
Business Purchase and Sale Attorney in Fort Myers
Selling a business in Florida can be a challenging process with many moving parts. When consumers rely entirely on the services of a business broker or inexperienced advisor, it’s not uncommon for them to face numerous unavoidable and costly problems. With so many complicated regulations, even someone with years of expertise may not know how to correctly manage certain legal problems and may wind up making detrimental errors that could jeopardize the sales process as well as their own financial future. Employing skilled legal counsel for this transaction allows the deal to proceed smoothly and efficiently.
If you’re looking to sell your Florida business, be sure to obtain the business legal services provided by The McIntyre Law Firm. To learn more about how we can help protect you and your rights, give us a call at 239.935.8426 or fill out our online intake form to schedule your consultation today.
Do I Need a Business Attorney to Sell a Business in Florida?
In order to sell or buy a business in Florida, you’ll need to deal with the creation and execution of several different legal documents. Unfortunately, far too many business owners want to complete these transactions as quickly as possible and overlook the fundamental paperwork that must be in place. They don’t take the time to read the fine print and make sure they understand what they’re consenting to before they close the transaction. Not only can this lead to problems later on down the road, but the likelihood of a deal-breaking conflict between the buyer and seller actually increases when things become rushed.
A business attorney can assist you at many phases of the selling/buying process, including the drafting, review, and execution of paperwork. Our Fort Myers business attorneys, for example, can prepare a Letter of Intent and a Purchase and Sale agreement while helping with negotiations between parties.
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Florida Purchase and Sale Agreement
The Florida commercial real estate purchase and sale agreement is used among other things to formally establish the specifics of a commercial property deal between a seller and a buyer. When reviewing a purchase and sale agreement, each side will often have their own real estate agent and attorney present. Commercial real estate deals are often more complicated than residential real estate purchases, involving additional paperwork, inspections, and research. A commercial real estate purchase and sale agreement specifies the terms and conditions of the property’s sale, including the sale price, financing, insurance, titles and deeds, property condition, termination options, and date of closing.
When it comes time to create a purchase and sale agreement, you will almost certainly need the assistance of an experienced Florida business contract attorney. When selling a business, purchase and sale agreements are critical and legally enforceable, so you’d be wise to get the help of someone who is well-acquainted with business and corporate law in Florida. The purchase and sale agreement is essentially the culmination of all the offers, terms, and other issues you’ve worked out thus far. Every purchase agreement, like all contracts, should be tailored to the specific transaction or trade. This is something that a skilled lawyer can assist you with.
How To Sell a Business in Florida
Selling a business can actually mean two different things. The first approach entails the selling of the legal entity; in other words, the sale of the company. The seller will either offer stock in his company or a membership stake in the LLC. The second approach is the asset sale. This means the assets of a corporation/LLC are sold, but not the actual company as a whole.
If you are not sure which option is best for you, meeting with an attorney and discussing your situation can help you in your decision. Your attorney will ask you questions to figure out why you want to sell, whether selling is the best option for you, and how much your company is worth. They will also perform a thorough examination of your company, analyzing your financial statements, tangible assets, income, and more. With this information, your attorney will propose an asking price. Once an asking price has been determined, you can begin screening prospective buyers.
A non-binding letter of intent will be submitted by potential buyers. Your attorney will work out the terms of the sale to ensure that all of the key conditions and contingencies are included in the offer. To guarantee a smooth and timely closing, your business lawyer will review the final paperwork and double-check all details to ensure that everything is in order.
Things To Consider When Selling a Florida Business
As a seller, there are some things you should consider and also look out for when selling your business to ensure a straightforward, dispute-free closing:
- Try to avoid Seller Financing to ensure you will be paid on time.
- If Seller Financing is inevitable, be sure your attorney drafts the essential paperwork, such as the promissory note and security agreement, on your behalf.
- Avoid future business litigation by steering clear of any unreasonable claims or guarantees in the purchase and sale agreement.
- Identify and remedy any potential problems with the business you are trying to sell before listing.
- Consider an appraisal before listing the business for sale.
- Make sure that all documentation and licenses (state, county, and city) are valid and up-to-date.
- To hasten the process, gather all relevant documents that the buyer will need for due diligence, such as tax returns and financial statements.
Selling a Business in Florida? Contact The McIntyre Law Firm for Assistance Today
Just as you’d want legal guidance in the process of buying or forming a Florida business, you’d want the same while selling one. Business transactions require serious attention to detail. Our Fort Myers business attorneys at The McIntyre Law Firm can help in reading the fine print and ensuring that all of your legal and financial interests remain protected during the process. To get started, schedule a consultation by giving us a call at 239.935.8426 or filling out our online intake form. We look forward to working with you.