Practice
Buying and selling a business
Selling the company you built, or buying one someone else did. Either way the deal runs on the same papers, and the details decide what you walk away with.
Letters of intent
The price, the structure and the timeline, agreed in writing before anyone spends money on diligence.
Due diligence
Leases, contracts, permits, employees and debts, checked so a buyer knows what it's getting and a seller isn't surprised by the questions.
Purchase agreements
Asset or stock purchase agreements, with the promises each side makes and what happens if one turns out to be wrong.
Closing and transition
Bills of sale, assignments, the seller's note if there is one, and the consulting or employment agreement if the seller stays on.
Sales to people you know
Many of the sales I handle are to a manager, an employee or a family member. Those deals need the same papers as any other, and a little more care: the seller is often financing part of the price, and both sides will see each other again.
Often part of these deals
A seller-financed note
A transition period for the seller
Lender requirements
Keeping the staff informed
Questions owners ask
When should I call a lawyer about selling?
Before you sign a letter of intent, ideally before you name a price. The structure agreed at the start is hard to change later.
Do I need a broker too?
Not always. When the buyer is already known, a lawyer and an accountant are often enough. For an open sale, a broker finds the buyers and I handle the papers.
Asset sale or stock sale?
Buyers usually prefer to buy assets; sellers often prefer to sell stock. The answer turns on taxes, contracts that can't be assigned and the business's history, and it's worth settling early.
Thinking about a sale?
Talk it through before you name a price. A first call commits you to nothing.