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Selling a commercial business? You may need legal help

| Sep 2, 2020 | commercial real estate |

You’ve owned your business for several years. You started out in a small building and rented until you could afford to put a down payment on a larger building.

Over time, you continued to invest and build your assets, and you now need to move to a larger building again. Since this is your first time selling a commercial building, you want to make sure you do it right.

That’s where your attorney will come in. They can help you create the contracts you need and support you while you look for a new property as well.

Selling commercial real estate: Off-market or on-market?

When you sell commercially, you need to decide if you want to sell on- or off-market. Off-market sales are fairly common, because other business owners may already be looking for spaces like yours. Through colleagues and business connections, you may be able to reach them and work out a deal.

On-market sales are beneficial, because your business will be on the market and available to a larger number of people. With this type of sale, you may want to work with a commercial agent or to advertise your property.

What should you do if you’re ready to sell your property?

If you’re ready to sell, one of the first things to do is to reach out to your attorney to find out if there are any restrictions or laws that will apply to selling your business. They can help you work through the process of selling your business, too, and will be there to review contracts and offers.