How to buy a business
Need help with how to buy a business? Let me help you make sure everything goes smoothly. From negotiations to contracts to all the due diligence, I'll help you make sure you get what you bargained for.
how to buy a business
Congratulations! Whether you're buying a business to try your hand at something new, or expanding something existing, buying a business is exciting! Let me help you make sure this hugely important transaction goes right.
Do you need your own lawyer?
Yes you do!
I'm often surprised by the things that sellers say to my clients. They're usually in a hurry to sell (and get their money) so they might pooh-pooh your suggestion that you get a lawyer to review the transaction documents. They might even say "don't worry, everything is OK - I had my lawyer put it together." Here's the scoop. The seller's lawyer has only one person's interests to watch out for and that's the seller's. In fact, if the seller's lawyer can do something that will massively benefit the seller even if it just as massively screws you over, I can guarantee that the lawyer will do it. It's called "just doing his/her job."
For a transaction as important and valuable as buying a business, you absolutely need a lawyer who is 100% committed to, and responsible for, your interests and your interests only.
Does it look like I can help with your business purchase?
Please contact me as early as possible in the transaction. The earlier I am involved, the better I can help with all of the legal aspects of how to purchase a business.
What kind of things can I do for you in a purchase?
The list of things that I can do as a lawyer helping you with how to buy a business is quite long. Here are just a few examples:
- Make sure that what you were promised is actually what is written into the purchase and sale transaction (verbal promises mean nothing after documents are signed).
- Make sure that if you intended to purchase a business you actually get a business, instead of just some business property. For example, if you were purchasing a contractor's business this could be the difference between purchasing just a few tools on one hand, and purchasing a turnkey business with existing clients, an established name and the associated good-will.
- Review existing service contracts to make sure they are truly assignable (as the seller might represent). If you "buy" a bunch of contracts that cannot be assigned, then you basically just bought a list of potential clients who can easily choose not to do business with you.
- Negotiate terms that you want included but don't know how to get or write.
- Help you understand and add terms that you should include in the documentation but may not know about.
- Help make sure that the right documents are used especially if leases or transfers of real, tangible, or intellectual property are to be transferred.