Buying or selling a business can be one of the most important transactions you will ever make. The legalities behind these kinds of transactions are highly complex, even in what are perceived to be “small deals.”
The attorneys at the Law Offices of Daniel T. Goodwin have decades of experience with counseling clients during the sale, purchase or merger of their closely-held businesses. Over the years we have closed on hundreds of transactions on ventures in a wide array of industries, including construction, insurance, financial services, bars and restaurants, and more.
Working with our clients to buy and sell businesses is a cornerstone of our firm’s small business practice. As business lawyers, we understand the emotional and financial significance of selling or acquiring a business. A lot is always at stake!
Business Purchase Agreement
One of the primary areas of focus in any business sale or purchase transaction is negotiating a Business Purchase Agreement – the contract that is used to transfer the ownership of the business from the seller to the buyer. This agreement should include the terms of the sale, what is or is not included in the sale price, and covenants and that will protect both the seller and the purchaser after the transaction is complete.
- Additional areas of legal services that we can provide during a business sale or purchase include:
- Advising you on business growth and exit strategies towards attaining your financial and personal goals.
- Conducting the necessary due diligence on the target business.
- Coordinating with loan officers, including those with the Small Business Administration (SBA) to gather and prepare documents, and meet other loan closing requirements.
- Handling franchise issues, including negotiating the business transfer with franchisor companies.
- Working with governmental agencies on the transfer of business licenses and certifications.
- Business tax planning and resolving tax issues with the Internal Revenue Service and state/local taxing authorities.
- Handling employment law matters when the sale and purchase transaction involves the transfer of the business’s current staff.
- Estate planning after a business sale to protect your new wealth.
- Preparing both you and your business for the transaction, legally, financially and emotionally.
Our attorneys have the experience to ensure even the most complex issues and liabilities are adequately addressed and negotiated by the parties towards the closing of the transaction.
Having the right legal advice means your interests are protected at all times, while the consequences of getting it wrong can be very serious. Contact our small business attorneys today to obtain expert advice and assistance during your business purchase and sale transaction.