Understanding the Legal Aspects of Selling a Business
Michael Fitzpatrick Architects is an example of an architectural firm that focuses on bespoke, sustainable designs. When this sort of innovation is applied to the world of home design or additions to an existing home, they use their creative solutions to bring life to homes of all types. Yet, when someone decides to sell their business – or purchase one – there are so many different legal considerations that it’s important to know what laws apply to the sale of a business in many situations. The merging of business acumen with architectural solutions can be a thing of beauty, but gaining comprehensive guidance on what law applies to the sale of a business is one of the most important things that any owner needs to know.
Understanding the value of participation in business mediation means understanding how the previous successes of your business apply to your future – especially if you choose to sell your business to someone else. Having this level of understanding gives you the advantage in any situation that can arise when your business has reached a point where selling it is a good move for you, your team and your family. Bespoke architectural firms these days are producing some of the most innovative features for any home or business, and no doubt, owners of these businesses are looking for the highest return on the investment they have made in their company. For a business like Fitzpatrick’s, this could mean hundreds of thousands of dollars in the sale.
That’s why the key laws related to the sale of a business are important – and the law in every state is unique. Businesses need to know what laws apply these days, or else it can prove costly in the long run. Architects and other professionals, or even just general owners of a business, face several hurdles related to attracting qualified buyers, buyers who have the money and know what to do with it because the staff in their company has been cultivated into a high-quality team. It’s necessary for sellers to know what is necessary and what it takes to entice the right person to make them an offer, and the architects at Fitzpatrick’s have an outstanding reputation that new owners could mantle and build upon.
Architects will also want to know about the limitations to changeovers in ownership, when they really want their buyers to commit to them. In the case of the Fitzpatrick’s, they’ve capped their work week because it allows them to be available for more architectural solutions that have made them successful in the past. Their design style is unique and they don’t want someone to come in and change the way they work. If that could jeopardize the other sales and clients they have, they need to know what law applies to the sale of a business.
Fitzpatrick’s architects have worked on homes in Sydney, Northern Beaches, Surry Hills, Manly, Avalon Beach, Collaroy, Dee Why, Palm Beach, Mona Vale, Warriewood, Narraweena, Melbourne, Thailand, and Hawaii. Their design standards have made them one of the most popular architectural firms in their industry. However, without the right approach to the law, they could have encountered significant issues when it comes to selling their business to someone who might have failed to see the value in the way it was already being run.
Legal applications in their profession can range from dealing with clients to addressing proper land use, to consolidating information about the prices of current services. Each one has its own purpose that works in tandem with another aspect of the same business. Architectural plans must be submitted and filed before they can begin building on a home or business, and that can mean the filing of thousands of pages of paperwork before someone has the green light to start building the project.
Architectural solutions for sustainable designs are not the only thing that makes Michael Fitzpatrick Architects one of the most sought-after firms in their field. Their approach includes assisting clients with local job applications and delivering first-rate services without sacrificing the quality that they’re known for in the sustainable, upscale market. They know what it takes to prepare their clients for the legal aspects of what happens after their project is completed, but they also know how to get their business through the legal ramifications of what it takes to start-up a successful business.
It’s important for every architect to incorporate the advice and guidance of their attorney. In order to accurately plan the future of their firm, it’s necessary to know what law applies to the sale of a business in their area. It may even be important to know if, or when, the sale may occur. This is a time of change that is fully expected and planned for. It’s important for these designers to know how an attorney can help them with the important details of their business.
In essence, if you have a business to sell, the future of its staff and creations depend on following the laws that will keep the important things about your business in play. Laws concerning what business is considered a separate entity, laws surrounding employee protection and even laws to protect environmental standards all apply. Ignoring these laws can jeopardize the future of the business they’re selling, so it should not be assumed that an architect like Fitzpatrick does not need to know what law applies to the sale of a business.
Businesses have investments in their clients and employees, and it’s these relationships that are often most valuable. The legal firms they choose to represent them through these negotiations will require them to afford the time to move forward with the deal they have set in their sights. Projects they have completed include custom-designed homes and individual apartment residences. Their projects underline their goal to create one-of-a-kind, bespoke designs for their clients.