Buying and Selling a Business

Following a general discussion and tentative agreement on basic terms, the decision to purchase or sell an existing business begins with a due diligence period. This provides the purchaser an opportunity to investigate the target business and research the underlying assets and liabilities associated with the transaction. It also provides the seller with sufficient time to ensure all necessary disclosures are accurately and timely delivered to the purchaser.

Each party to the transaction should be very comfortable with their knowledge of business terms, potential risks, and benefits of the proposed transaction. Following the due diligence period, the parties must negotiate, prepare, and execute a definitive Purchase Agreement and ancillary documentation (such as an Assignment of Contracts or Bill of Sale) incorporating all legal provisions necessary and desirable to successfully close the transaction.

An experienced attorney can be a valuable resource to assist in reviewing or compiling existing contracts, commercial leases, corporate records books and other legal documentation related to the business prior to any legal commitment. Legal guidance with structuring the proposed transaction and negotiating the purchase agreement and related documentation can ensure the transaction closes smoothly.

Mooney Law Firm, PLLC provides legal guidance and assistance to clients purchasing or selling any business to not only ensure the client is fully informed of the details related to the proposed transaction, but also assists in the negotiation and drafting of definitive documentation which protects the clients’ interests and planning for a successful launch of the business following the acquisition.

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Buying and Selling
a Business

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