I’m thinking of buying a business – should I hire an attorney?

Now that we’ve settled into a new year, let’s talk business. Are you thinking about (or in the process of) buying or selling a business?  Have you wondered whether you need an attorney?  Of course, my answer is “yes,” but let me tell you why!

A good business attorney can help you understand and navigate everything from the first steps to the letter of intent, to the purchase agreement, and, ultimately, the closing.

• What’s the difference between an asset purchase and a share/stock purchase? Am I taking on all the seller’s risks and liabilities?
• What is the point of a letter of intent (“LOI”)? Is it legally binding? What should I include?
• What should I be looking for during due diligence?
• Do I need a real estate agent, a business broker, or both? If I have a business broker, do I still need an attorney?
• Does the seller have any liens or judgments I should be aware of? How would that affect the sale of the business?

These are just a few of the many common questions I get from clients who want to buy or are in the process of buying a business.

A good business attorney can help you not only understand the overall process but can also review and negotiate the terms of the final purchase contract, ensure the legal transfer of the purchased business assets is completed, advise on potential tax implications and title matters, and identify potential risks.  My goal is to ma