Buying or selling a business is a risky venture if your not familiar with how the process works. The best way to safely navigate through the process is to surround yourself with experienced professionals.
Step one: find an experienced business broker. Your broker is your best source of information on your market. They will help you obtain all the information you need to analyze the financial details of the transaction. Your broker is also the one that gives you an opinion of price based upon the market and his or her experience.
Step two: find an experienced attorney. Before you sign a contract you should review it with an experienced attorney. Only an attorney can give you the advice you require to properly cover all the contingencies of your transaction. Many of the problems associated with business transactions can be avoided with a comprehensive contract which details the terms of your deal. Before you sign the contract or during your due diligence period, your attorney will also help to ensure there are no surprises by checking for liens, making sure all the appropriate taxes are current, and licensing issues are properly accounted for.
If you’re thinking about buying or selling a business in South Florida, the attorneys at Oates & Oates have the experience to help counsel you through the process. Benefit from our experience earned in litigating the results of poorly planned transactions.