Business Attorneys - Whats their role in Selling a Business?
Competent
business attorneys are a great addition to your team of
advisor's when buying or selling a business.
Attorney's can cover your assets and help make a well structured deal, air-tight.
When it comes time to draft agreements and close a deal you have to take precautions that you don't leave any loose ends. You want no loopholes left open in your purchase agreements, stock sales, leases, or other liabilities that could come back to haunt you.
When looking for a business attorney to help you with the purchase or sale of a business it is a wise choice to use an attorney with acquisitions experience.
Oftentimes a party will have a relationship with the family attorney who does a great job handling matters of taxes, real estate, wills and things of this nature, but buying and selling a business requires a specialist.
Corporate transaction attorneys will help you with your letter of intent, employment agreements, and non compete agreements. They will guide you in due diligence by reviewing loans and leases. The buyer's attorney will customarily draft a purchase and sale agreement and take care of the closing.
If you're retaining a general practice attorney to handle this for you, you're really just paying for your attorney's education.
Just like there are doctors that specialize in all forms of medicine.
There are vast areas and specialties of Law that keep any single attorney from being good at all of it.
A real estate attorney will seem like a natural choice as well, from the sense of "Closing" a deal, especially in the case where smaller business a real estate broker is representing a party, but you still have to answer the question of competence handling the sale of a business or corporate entity.
Use your best judgement and don't say I didn't warn you.
Attorney's can cover your assets and help make a well structured deal, air-tight.
When it comes time to draft agreements and close a deal you have to take precautions that you don't leave any loose ends. You want no loopholes left open in your purchase agreements, stock sales, leases, or other liabilities that could come back to haunt you.
When looking for a business attorney to help you with the purchase or sale of a business it is a wise choice to use an attorney with acquisitions experience.
Oftentimes a party will have a relationship with the family attorney who does a great job handling matters of taxes, real estate, wills and things of this nature, but buying and selling a business requires a specialist.
Corporate transaction attorneys will help you with your letter of intent, employment agreements, and non compete agreements. They will guide you in due diligence by reviewing loans and leases. The buyer's attorney will customarily draft a purchase and sale agreement and take care of the closing.
If you're retaining a general practice attorney to handle this for you, you're really just paying for your attorney's education.
Just like there are doctors that specialize in all forms of medicine.
There are vast areas and specialties of Law that keep any single attorney from being good at all of it.
A real estate attorney will seem like a natural choice as well, from the sense of "Closing" a deal, especially in the case where smaller business a real estate broker is representing a party, but you still have to answer the question of competence handling the sale of a business or corporate entity.
Use your best judgement and don't say I didn't warn you.
