Are you considering a business purchase agreement? Contact Law Office of Frederic E. Waczewski, P.A. to get with a Business lawyer Orlando, FL the locals trust to sit down with someone today and discuss your case. Follow these steps and you will be on the right track!
Need assistance with a business purchase agreement?
Buying a business is a big step. There is a lot that goes into purchasing a business such as time, money, and a balance of risks, growth and everyday life activity. The most important thing is to do it correctly from the beginning.
Do your research
Look into each prospective business to get a clear sense of the strengths and weaknesses for what exactly you are buying. For example, you should request the company’s:
Financial statement
Lists of customers and suppliers
Lists of employees, including a breakdown of salaries and years of service
Details of any major contracts necessary for the operation of the business, including the lease of any premises
Lists of all equipment and assets of the business
Any related debts, licenses and liabilities
Before sharing this information with you, the business may want you to sign a non disclosure agreement to prevent you from using it for anything besides business purposes. Any documents you are asked to sign, should go through a business lawyer Orlando, FL to ensure you are not making any unwise legal commitments.
Decide on a structure for the purchase
This is most basic aspect of the deal, who will be buying and selling, whether shares or assets will be bought, what price will be paid, and how that amount will be given to the seller. Money is a tough thing to talk about. Most people like to handle these terms with a lawyer present because it can become tricky and sometimes a little awkward if both parties do not agree.
Negotiate the other terms
A business purchase agreement is made to make sure all these types of things are on paper and can not be put under a he said, she said situation.
Have the legal documents prepared
Having legal documents prepared are generally the buyer’s responsibility. The first legal document should be a “Letter of Intent”, then a “Purchasing Agreement”. This should cover everything about the new business and clearly state what both parties expect to gain from the business.
Final steps to keep in mind:
Know what to focus on and when – keep perspective by taking one thing at a time. Before fully committing, make sure you do all your research.
Get the right advisors and rely on then – you cannot do everything on your own. There are experts who can help you for a reason.
Know when to walk away – The process of buying a business is going to cost you time and money.
Hiring a Business lawyer Orlando, FL with Law Office of Frederic E. Waczewski, P.A.
Schedule a free consultation with us today to discuss your business purchase agreement and ask us any legal questions you may have about your new business. We are here to help you make the right decision and get you on the road to success!
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If you are researching about a business purchase agreement, contact Law Office of Frederic E. Waczewski to speak with a Business lawyer Orlando, FL. We have the answers you need and can help you make the right decision today.
