Illinois business owners need their own attorney to help them with real estate transactions. The assistance of an attorney could prevent unnecessary issues that could lead to layoffs or major changes in the company’s infrastructure. While some changes are good, the termination of key employees could eliminate the trust within the company. It could also lead to mistrust among partners. commercial real estate attorneys in Chicago could iron out these issues and ensure a smoother transaction.
Identifying What Property Comes with the Sale
The owner defines what items come with the sale through the sales contract. When advertising the property, they should specify any equipment or fixtures that are included (this information could present buyers with more motivation to purchase the property). These additional items could reduce the total cost for the new owner to restart their own company.
However, if a new owner is taking over the existing company, there may be stipulations included in the contract. These provisions may apply to how the company operates after the sale is completed. The owner must ensure that all buyers understand these requirements before signing a contract.
Protecting Existing Employees
The sale of an existing company may include provisions for employees, for example, the terms of the contract could protect these workers and prevent layoffs or termination for a specific duration. This could prevent the new owner from putting a large group of employees out of work. For some business owners, it is their workers that are their top priority when selling their business. The terms could protect these workers and prevent an avoidable tragedy.
A Smooth Transition
An attorney helps the owner complete a smoother transition. They understand the requirements for these sales. This includes creating the contracts and explaining these legalities for these transactions.
Illinois business owners should evaluate their requirements with an attorney. This strategy could prepare them for the sale of their property. This includes creating contracts and identifying the terms before they attract buyers, which could prevent avoidable issues such as delays or confusion. Owners who need to hire commercial real estate attorneys in Chicago should contact Starr, Bejgiert, Zink & Rowells for more information on these transactions today.