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All good things must come to an end. For a business, because of the change in economics or market conditions, it could be winding up and liquidating. Or the owner and the business are so identified with one another that the company is not saleable. While sometimes a business will just shut its doors, there is a proper procedure ending business, and at some point dissolving the entity.
Or the business may continue to thrive, and the founder(s) want to sell the business and retire. The sale might be to a third party, the employees, or the next generation. There are various ways of accomplishing the sale. If the sale is to a third party, typically it is in the form of a sale of assets, although when a business is sold to an employee or the next generation, more often the entity itself is sold. Sometimes the owner will provide some or all of the financing for the buyer, either because a family member is buying the business, or because there are tax or economic reasons the seller would like to receive a stream of payments. In these instances it is important to make sure the proper financing documents are in place.
We are experienced in the sale of businesses, whether of the entity itself or of the company’s assets, and have worked through the issues of seller financing.