Buying a business via an asset sale means that you are not just buying THE Business as a concept; you are in fact buying all furniture, equipment, inventory, names, phone numbers, contracts, and everything else that makes the business operate. Your purchase agreement may state that you are buying “substantially all the assets of business … Read More
When buying or selling a business, the parties often use a term sheet to memorialize the basic terms of the planned transaction. Term sheets are also called “letters of intent” or “memorandum of understanding”, sometimes they use abbreviations, like LOI or MOU. Term sheets are good to get clarity on certain terms and knowing early … Read More
Most buyers and sellers of a small business will encounter an asset purchase agreement as part of the transfer of the business from the seller to the purchaser. While we do not recommend drafting and negotiating an asset purchase agreement without the help of an attorney, you, as the seller or purchaser of the business, … Read More
I get it, when you buy or sell a very small business, you don’t want to spend an arm and a leg on lawyers to draft all the necessary documents. Thus, many people look to templates or whatever forms their business broker has and go ahead without a lawyer or accept very simple purchase and … Read More
Buying a small business in New York usually follows five distinct phases. Finding a Business Negotiating the Terms of the Deal Due Diligence Documenting the Deal Closing of the Deal Let’s work through the process and how your attorney can help you make this a success. Step One: Finding a Business You can find businesses … Read More
Guess what, it really matters to have a great attorney when you are selling your business. Let me explain. I wrote before about my involvement in typical buying/selling business transactions; it’s an old post, but it has not changed, see “Buying a New York Business”. As you can see from that post, the legal documentation … Read More
You’ve got homework to do before you can successfully sell your small business. Even if you already have an interested buyer, attention to the details at this stage of the game will help you in the long run and protect you from unexpected snafus. Your small business lawyer should be able to help you with … Read More
