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All About Sellng Your New Jersey Business

All About Selling Your New Jersey Business

If you are looking to sell your NJ business here are a few practical tips to maximize the opportunity to sell and also the sale price.

The Transaction Structure

If you are considering selling your business, the first matter to consider is the transaction structure. In general, there are two methods of selling a business, either selling the shares in a company or alternatively selling a business as a going concern, which involves selling the assets and goodwill of a company. Corporate attorneys can provide legal guidance on which structure would be most appropriate.

Tax and tax efficiency is the main determining factor as to which structure would be the most appropriate. Legal considerations are often secondary considerations in determining which structure would be the most appropriate.

Once you have determined which structure would be the most appropriate, the next consideration is how to find a potential buyer. There are many competent business brokers in the market to sell businesses and who can find buyers for your business. However, before choosing which would be the most appropriate, you might want to find out whether they have acted for anyone in your market sector and if so you should ask to see a testimonial.

Appointing a Business Broker

Once you have shortlisted a few brokers, the next stage in appointing a broker will be to agree on a fee structure with them. Many brokers ask for an initial upfront fee whether or not they sell the business. In addition, they also generally require a commission fee which is based upon the successful sale of the business and which is a percentage of the sale value.

Final Thoughts

In general, you should try to ensure that the upfront fee is as low as possible since this has to be paid whether or not the broker sells your business and whether or not you decide to appoint an additional broker.

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