Buying or Selling a Business
The representation and counsel of an attorney is indispensable when the opportunity comes along to buy or sell an existing business. Comprehensive sale contracts are critical to accurately depict the deal, ensure the parties get what they bargained for, and avoid unwanted surprises.
Attorney Walker counsels his clients through negotiations and then into the documentation and closing stages to make sure their interests are protected.
Some important aspects to consider in negotiating and documenting the purchase or sale of a business include:
- Whether the equity of the business will be sold or just the business assets
- The income and transfer tax impacts of the sale and how those can be minimized
- Documenting the debts and liens that will transfer to the new owners(s)
- Providing for a smooth transition for the business’ customers and suppliers
- Providing for smooth employee transitions
- Arranging for the transfer of business names and intellectual property rights
- Whether the sale will be contingent on bank or other third party financing
- Whether the seller will provide financing for the purchase
- Whether the seller will provide consulting services after closing on the sale
- Any restrictions on the seller against competing with the transferred business
- Provide for warranties as to the various aspects of the sale