If you're considering business bankruptcy, then you have a variety of options, and the path you choose will depend on the specifics of your business. If personal liability is an issue, then Chapter 7 bankruptcy may be the appropriate route. With Chapter 7, an automatic stay is placed on creditor actions, including foreclosure, repossession and garnishment.
Recently we discussed the bases you should cover in preparation of selling your business. After taking those important steps, which you can read more about here, you can list the business with a broker or another party who can let potential buyers know that you're selling. Once a potential buyer has expressed serious interest, your attorney can help you start negotiating the terms of the sale.
A good business plan includes an exit strategy. When you're ready to sell your business, a number of crucial steps have to be taken to get the best possible return and protect against future liabilities. Those steps include preparing your business for sale, negotiating the terms of the sale, conducting due diligence, and documenting the sale. Here let's go over some key aspects of preparing for the sale of a business.
In all aspects of life, the decisions we make now will have qualitative and quantitative effects in the short and long terms. The same goes for business.
Let's say you've worked hard for years to build a profitable business. You may have even spent significant time away from your family to raise finances and manage operations. As an entrepreneur, you probably realize, too, that once your company reaches a certain level of profitability, selling the business may be the best move for its growth and your future.
Whether you're purchasing, selling or leasing a property, commercial real estate transactions must be carefully planned, executed and documented in a contract that minimizes risk and protects your interests. The value of the property and any potential liabilities have to be accurately assessed, and a legal professional with experience in a wide range of real estate transactions can provide counsel and guard against pitfalls.