Washington business and real estate lawyer Tom Oldfield discusses the possibilities and questions you may have if you’re interested in selling your small business operation.
The first thing you should know when wanting to sell a business is that hiring an attorney is very important. The sale of a business has very many details including taxes, liabilities, employees, insurance, closing terms, and quite a few other items that you don’t deal with on an everyday basis.
The deal begins with a term sheet drafted by yourself and the purchaser giving a basic outline of how the sale will proceed and the terms. This sheet will not be a final purchase version of the sale but an understanding of what needs to happen. It will discuss all the provisions of the sale such as how employees will be handled, whether you’re selling off the entire business or just the assets, and what your role will be after the sale. Watch the video now to learn more.