Avoiding Legal Mistakes When Selling Your Business

A common mistake that many make when preparing to buy or sell a business is to overlook all the various legal issues involved. A legal mistake can bring the entire process to a screeching halt or even worse case cost you a small fortune. For this reason, it is important to carefully evaluate the full slate of relevant legalities. This article will explore some of the key legal points one need to consider long before placing your business on the market.

Mistake #1 Neglecting to Have a Non-Disclosue Agreement

Having potential buyers sign a Non-Disclosure Agreement, or NDA, is critically important when selling your business. One benefit to having this agreement signed and sealed is that in the event that the deal falls through, which often happens, the buyer can't disclose the details to other parties. However, if you don't have an NDA, the buyer could reveal important aspects of your discussions. This could impact any future sales.

Mistake #2 Failing to Get an Experienced Attorney

There are times to cut corners, and then there are times when cutting corners or trying to save a dollar is a big mistake. Prepping to sell your business is one of those occasions where investing in good and proven counsel is a must. A good attorney can give you a range of legal moves you should and should not make.

Additionally, hiring an attorney with an established experience is just what you need to create ironclad agreements. Sellers have an array of risks that they must face when selling a business. For example, the seller needs protection from a potential buyer hiring away key employees. Without ironclad agreements and a tight NDA, a buyer could pass on buying the business, yet “steal” employees or weaken business in other ways.

Mistake #3 Skipping the Letter of Intent

Another legal way to protect your interests comes in the form of a letter of intent. This letter should be one of your key tools in negotiating the deal. Included in this letter should be a termination fee for the buyer. This applies in the event that the buyer walks away for a reason that is not the seller's fault. Inclusion of this clause means that the seller is far less impacted if the deal does not go through as planned. Further, this clause goes a long way in ensuring that only serious buyers are attracted.

Reap the Benefits of Ample Preparation

These are just a few of the many errors that sellers often make and regret later on. It is a worthwhile investment to take the legal aspects of selling your business seriously. If you prepare for the sale of your business, you will have a much more successful experience. That means you should work with a proven and competent attorney and business broker before you put your business on the market.

5 Things to Consider When Transferring Your Business to Family Members

Letting go of a business isn't a process that one should jump into lightly, and that fact holds true even when it comes to your loved ones. Let's take a look at five of the most important factors to consider when selling or transferring a business to a family member.

#1 The All-Important Buy-Sell Agreement

One of the single most valuable tools available when it comes to selling your business is a buy-sell agreement. Simply stated, this essential document puts everything in writing. In situations such as a family owned business, people may be tempted to skip a contract, but that doesn't mean they should.
When transferring your business, you should have an expert created document in place that outlines the following:

• The business valuation
• Who is to be kept on the payroll and the amount he or she will receive
• The amount being paid
• What level of involvement you will have in the business once the transfer has taken place

#2 The Benefits of Gifting

Consider the option of gifting. Gifting can actually work to reduce your taxes on real estate, while at the same time it can allow you to maintain some level of control over the business.
#3 Seller Financing and Transferring the Family Business

Selling your business to a family member is, of course, another option. On occasion, sellers will consider a private annuity, which allows for payments to be spread out for a considerable time period, such as to the end of your life.

#4 The Self-Canceling Installment Note

Another option is to use an installment sale. If you are a selling parent and you happen to pass away before the payments have all been made for the sale, then the remaining debt may be attached to your will. This arrangement can keep your other children from paying excess income tax on your estate.

#5 Keep the IRS Happy

The fact of the matter is that the IRS does, in fact, look more closely into sales where the business is being sold to a family member. This reason alone is a good enough reason to professionally establish a real and accurate valuation of your business.
A business broker can help you work out the particulars as to how best to proceed when navigating the process of selling or transferring your business to a relative. With the right planning and preparation, selling or transferring your business to a relative doesn't have to be an overly difficult or cumbersome process. Work with a business broker and you'll find that the process can be smoother than you may have expected.

*Price Reduced* Cape May County Motel For Sale by Procision Business Brokers

MOTEL / LODGING FOR SALE IN CAPE MAY COUNTY

Location, Location, Location - The site offers high visibility and excellent exposure to both travelers and tourists alike. Situated on the corner of multiple north/south access roads and close to the Garden State Parkway, this Jersey Shore Business is uniquely positioned. Guests are centrally located and in close proximity to the Cape May Ferry, Cape May Zoo, Cold Spring Village and the southern barrier islands. Boasting a well-established reputation for value and cleanliness, this family-owned business has been proudly operating since the 1970's. With 34 pet-friendly units including motel rooms, efficiencies and 1 & 2 bedroom units, the year-round facility can accommodate various lodging requirements. There may be the potential for additional development - bring you Land Use expert to explore the possibilities!

Highlights of the Business and site are as follows

• 34 Units - including some efficiencies and 1 & 2 bedroom units
• Large Owner's unit - 2-story, 3 bedroom, 2.5 baths
• Approximately 2 +/- acre corner lot
• Excellent location - high traffic count & visibility
• Open year round
• Amenities include a swimming pool, picnic area, charcoal grills, Wifi and pet friendly rooms Motel / Hotel Zoning - potential for additional development on site

Includes: All furniture, fixtures, equipment and goodwill
PRICE REDUCED - $1,890,000

Disclaimer: The information provided in this listing has been provided by the Seller and Procision Business Brokers has not independently verified this information and has no responsibility for its accuracy or completeness. Procision Business Brokers recommends that you consult with an accountant, attorney and other professionals to represent and assist you in any transaction. Although Procision Business Brokers are glad to arrange a meeting between you, your representatives and the Seller, we are not authorized to make any representations or warranties. You agree to hold Procision Business Brokers and our associated brokers harmless of any misrepresentations made by seller.

MORE INFORMATION
http://procisionbb.com/motel-lodging-sale-cape-may-county/

Procision Commercial Realty - Warehouse for Sale Westville NJ

Warehouse for Sale – Situated on Route 45 in Westville and located within a
minute of Route 295 and Route 130, the site provides for excellent access to
the South Jersey and Greater Philadelphia Region. This well-maintained building
currently houses a well established Batting Cages and Training Facility, however
it can be utilized for various industrial, warehouse or showroom uses.

Building: +/- 10,500 Sf on 0.36 acres
Zoning: Commercial
Ceiling Height & Doors: Up to 24' Ceiling Hgt / 4 drive-in doors
Location: High visibility & Close to Highway Access (Rte 130 & I295)
Parking: 20 + car parking capacity
Building Details: Metal Panel, concrete slab, Membrane roof, gas-fired heating

Call for more details or a confidential site visit.

PRICE REDUCED  - $395,000

Rob Beach, CCIM, CBI

President

856.228.5151 ext. 1

rbeach@procisionbb.com

http://procisionbb.com/warehouse-westville/

How to Ensure Confidentiality During your by Procision Commercial Realty

Selling a business is a process that depends upon professionalism and confidentiality. Selecting a business broker who understands the critical role that confidentiality plays is simply a must. Unfortunately, countless sellers have in fact dealt with a situation where a breach in confidentiality has caused a deal to fall apart.

A failure to maintain confidentiality can lead to a slew of negative reactions from a range of parties. Everyone from supplies and vendors to creditors could react in a way that could harm your business, for example, vendors could change their terms and this could in turn negatively impact your cash flow.

A breach of confidentiality could also lead to negative reactions amongst both employees and customers. The reason is that employees may begin to worry about the security of their jobs and may also become nervous about the change in management. These fears could prompt employees to find a new job and leave you with a position that needs to be filled. Potentially more significant is the fact that the loss of key personnel could cause your buyer to have cold feet.

As if all of these factors were not enough of a concern there is also the issue of the competition. If your competition gets wind that you may be looking to sell they may take advantage of the situation and start attempting to steal your customers.

Finally, a breach in confidentiality could send potential buyers running. The headaches that are often associated with a breach in confidentiality are such that potential buyers may simply drop the deal.

The best way to protect your confidentiality is to opt for a great business broker. A business broker is an expert in prompting a business without notifying the competition, your employees, vendors or anyone else. The process is both an art and a science.

When attempting to sell on your own there are many and diverse pitfalls. Sellers are much more likely to accidentally reveal who you are; after all, a seller has to provide phone numbers, email addresses, physical addresses and other critical and identifying information. Even your home phone number could be traced back to your identity and ultimately your business.

A seasoned business broker can help you bypass these potentially damaging issues, by not just shielding your business's identify but also by ensuring that all interested parties sign confidentiality agreements and are pre-qualified. In this way you only reveal what is absolutely necessary. In short, it is best to work with a business broker and maintain your confidentiality at all costs.

http://procisionbb.com

*Price Reduced* Main Line Catering Company in Montgomery County

MAIN LINE CATERING COMPANY FOR SALE

Ideally located in the heart of Main Line of Montgomery County Pa, this family run Catering Business represents a fantastic opportunity for a 1st time or strategic buyer. As a well-established and in demand operation, the Business boasts multiple industry awards, maintains a five-star rating and functions as a preferred caterer at numerous venues throughout the Greater Philadelphia region. Their diverse service offerings include off-site catering for weddings, private parties, corporate events and various other milestone occasions. Additionally, the business greatly benefits from its unique retail facility that is located in a prime business district and heavily traveled thoroughfare. With a well-defined business structure and increasing year-over-year sales, this is an excellent opportunity for futher growth in the future.

Highlights of the business and building are as follows:

• Fully-stocked facility with 7 years of lease term remaining
• Excellent competitive position - niche business
• Multiple in -house accounts and preferred vendor status
• Refined procedures and protocols / well-trained staff
• Over $75,000 in newer kitchen equipment
• Excellent internet & social media presence
• Continued revenue growth and business expansion

Includes: All furniture, fixtures, equipment and goodwill
PRICE REDUCED - $289,000

CLICK HERE for more information

Disclaimer: The information provided in this listing has been provided by the Seller and Procision Business Brokers has not independently verified this information and has no responsibility for its accuracy or completeness. Procision Business Brokers recommends that you consult with an accountant, attorney and other professionals to represent and assist you in any transaction. Although Procision Business Brokers are glad to arrange a meeting between you, your representatives and the Seller, we are not authorized to make any representations or warranties. You agree to hold Procision Business Brokers and our associated brokers harmless of any misrepresentations made by seller.

*FOR SALE* Indoor Batting Cages / Training Facility by Procision Business Brokers

Built in the 1990's, this long-standing business has established itself as one of the premier batting and training facilities in South Jersey. Located on a major thoroughfare, the facility offers excellent visibility and provides easy access to the region's highways. With service offerings that include automated batting cages, pitching tunnels, private lessons and party reservations, generates of baseball and softball players have honed their skills at this athletic facility.

Highlights of the business and building are as follows:

• Expansive building with over 10,000 sf of usable space
• Limited competition - specialized niche
• Customized batting cages and pitching tunnels for all ages
• Ceiling heights - up to 24 ft
• Well maintained building / equipment with regular maintenance
• Opportunity to add other business lines on-site

Includes: All FFE, Goodwill and Real Estate PRICE REDUCED - $475,000
More Information: http://procisionbb.com/sale-indoor-batting-cages-training-facility/