There are many benefits to purchasing an existing business. The Law Office of J.Neil Lanzi has decades of experience helping clients with buying existing businesses.
Not enough can be said about the importance of due diligence when buying a business.
To make an analogy, due diligence is to buying a business as Car Fax and Kelly Blue Book is to buying a car.
When performing due diligence on the company in question, a business attorney will research and discover:
- Any liens, either on equipment or property
- Pre-existing lawsuits or litigation
- The financial past of the business; cash flow, balance sheets, accounts payable and receivable, etc.
- Employee files and employee contracts; non-compete covenants, pensions or employee benefits
- The commercial lease and any other contracts
A business attorney can help negotiate a fair price for the business or help negotiate what assets will be included in the purchase.
Once an agreement is made a business attorney can draft the sales agreement or review a sales agreement.
If you would like more information on the steps towards buying an existing business, please contact us at 410.296.0686 or firstname.lastname@example.org.