Purchase/Sale of a Business
Buying or selling a business can be one of the most exciting and biggest decisions that one might make throughout their business career and their lifetime. Aside from the excitement, however, the purchase or sale of a business can be a complex and daunting task. There are numerous factors to consider during both the negotiation phase of the transaction and the closing of the transaction. An experienced small business attorney can assist you throughout each of these phases to achieve a successful transaction whereby you are able to negotiate the best possible terms as well as ensure that you are fully protected from any of the pitfalls, both obvious and hidden, associated with this process.
Some of the various issues and/or decisions that you might be faced with include:
- Should you buy the assets of the business or the business entity itself?
- Can you assume the seller’s lease and, if so, under what terms??
- Are there any outstanding contracts or liabilities associated with the business and will the buyer or seller be responsible for those items?
- What is the status of the business’ employees or independent contractors and are there any contracts or outstanding issues that need be dealt with in that regard?
- Both parties should obtain indemnities from each other to ensure that they are fully protected from the acts of each other before and after the closing.
These are only a few of the items to consider in a purchase/sale transaction but they are critically important in how you negotiate the terms of the transaction as well as how the final transaction is structured. At Conejo Valley Law Group, we have years of experience in dealing with these types of situations and can help guide you through this exciting, yet serious and stressful, time.
Please contact us today to discuss the purchase of a new business or the sale of an existing business.