You’ve decided that you want to acquire an existing business, you’ve been in discussions with the current owner and now it’s time to put it on paper… what now?
First thing’s first – we’ve all heard the phrase “buyer beware”. Usually when we hear this, we’re talking about buying a car – you want to take a look under the hood and make sure everything you’re buying is in good shape. Buying an existing business isn’t that different. Before you invest your hard earned money into a business, you want to make sure you’re not going to be assuming large amounts of liability – is the business involved in a lawsuit? Are there employment issues? Have all the outstanding taxes been paid? If the car needs a new transmission, you want to know about it!
On the other side of the coin, maybe you’re getting ready to sell your business. Now it’s up to you to open the hood and shine the light on the inner workings of your business. Unlike selling a car, you can’t take your business to a local inspection station and have it safety tested to certify that it’s in good shape.
Whether you’re buying or selling a business, let the corporate team at WARDS LAWYERS be your mechanic. If you’re buying, our team of experienced corporate lawyers and clerks will help you ask the right questions to make sure you know the details of the business you are buying. If you’re selling, we’ll help you navigate the requests for information.
If you’re buying or selling a business, our team is here to help – [email protected].
This WARDS LAWYERS PC publication is for general information only. It is not legal advice, nor is it intended to be. Specific or more information may be necessary before advice could be provided for your particular circumstances.
