Buying or Selling a Business
Buying or Selling a Business
Whether you are buying or selling a business, Company Counsel will help you navigate through the entire acquisition process, from drafting legal documentation to negotiating on your behalf. We ensure all due diligence is done and everything is memorialized appropriately in writing.
Why Do I Need A Lawyer?
A common mistake companies make when buying or selling a business is not exercising proper due diligence. During a business purchase, it is critical to review the seller’s financial information and understand the complete value of the business. During this process, an attorney will review relevant financial documents, industry metrics, and the value of the company’s goodwill, and can also connect you to other professionals if needed, such as an accountant. A lawyer will also ensure you do not acquire undesired liabilities you are not aware of during the acquisition. Finally, many buyers and sellers fail to memorialize all of the terms of the deal in writing. Even if both parties have come to a verbal agreement on the terms, if they are not memorialized in writing issues can arise down the road.
Mergers and Acquisitions with Company Counsel
If you are interested in purchasing a business, the first step is to identify the type of business you want to buy and begin to search for potential target companies looking to sell. Once a target company has been identified, your attorney can help you negotiate the purchase price. An attorney can help draft a Letter of Intent, the first step towards memorializing the terms of the sale. Once you agree to the terms in principle with the seller, we will conduct due diligence on the business, explaining all their financial information and company background. The next step is to file a formal Agreement of Sale. After negotiations are complete, the Agreement of Sale is signed, and payment is made, a Bill of Sale is issued to transfer the business from the seller to you. Your attorney will also submit all of the required notices of the sale to the State. A business attorney will be there to guide you through every step of a transaction, whether you are the buyer or the seller, to help you draft and negotiate all the necessary documents and contracts and ensure everything is filed correctly so the sale is official and goes through smoothly.
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