How does company sale works?

[VJV]

Hi All

I have a profit making IT consultancy company. If I have to sell the company, how does it work?
I mean the new owner(s) of the company will only use the company name or do i have to give them my projects as well?

Not sure how it works if someone can explain me in simple steps, would be great.

 

[Scalloway]

What will happen to the projects if you don't sell them with the company?

 

[Chris Ashdown]

If you sell a company, It's normally everything including the history and planned future and maybe a clause that you wont work in the same industry for a set time where you would be in competition

It does seem a very simple question to ask

 

[Clinton]

Not sure how it works if someone can explain me in simple steps....

There is no 'simple' when it comes to selling a business. If you do not take expert advice you will likely either fall foul of the law, lose money or get taken advantage of.

To answer your question about whether projects get conveyed to the buyer or not, it depends on whether you're selling assets or shares. I've written an article explaining the difference. As you can see, on that one matter alone there's enough to fill a whole book.

 

[VJV]

Thanks a lot guys! very helpful.

 

[Lisa Thomas]

You can sell the Company, the business or some/all of the assets.

It really depends on what you want to achieve...?