Selling a Business and Liquidating Assets in the Boston and Andover, MA areas
If you have a business in the Boston and Andover, MA areas, there are two basic ways you can sell it. You can transfer ownership of all of it to someone else in a turnkey fashion, or you can sell it off piece by piece, by liquidating its assets. Then you may sell the empty business from the standpoint of someone else buying the name, or the business may simply close up once all the assets have been sold. No matter which way you choose to sell your business, though, talking with us at Olson & Olson can protect you from a higher level of financial and business-related risk. Working with a law firm as you sell your Massachusetts business and liquidate its assets protects you and other parties involved in the transaction.
Liquidating the Assets of your Massachusetts Business
Most businesses do not use the turnkey method when their owners sell them. Instead, assets are liquidated and the business simply closes up once that has been completed. But doing this the right way can mean the most money from the transaction, along with an assurance that everything has been handled the right way from a legal standpoint. Depending on the size of the business, what type of assets it has, and what kind of company structure it operates under, there may be specific ways that the assets will have to be liquidated. Selling sensitive items that could have been used for customer data, for example, is different than selling shelving and coat racks.
Additionally, if a business operated in a sector where there were significant governmental regulations, the selling of that company’s machinery and equipment may have to be handled carefully. Items used at a nuclear plant are different than items used at a retail store. An attorney with knowledge in the area of selling a business and liquidating its assets in the Boston and Andover, MA areas can help ensure that you sell everything safely, properly, and legally so that you can move on to the next phase of your business or personal life. Without a lawyer to help you, however, problems from improper liquidation and sales techniques could plague you during the sale or later down the line.
Getting a Business Sold Properly in Massachusetts
In some instances only certain assets are liquidated, and the business itself is sold to someone else. This is not as simple as just allowing another person to take over, or having them sign a piece of paper saying they now own the business. For a very small business operated by one person it is generally not difficult to change ownership, but for larger companies that want to sell there can be far-reaching implications.
With these in mind, anyone who plans to sell their Massachusetts business should work with a business law attorney who has knowledge in this area. That reduces the chances of problems appearing later, after the sale has been completed. Additionally, it helps to ensure that legalities have been handled correctly, so nothing the business does in the future can come back on the previous owner.