It should come as no surprise that legal issues can quickly pop up during the buying and selling process. If you’re planning to sell your business, it’s important to think through these matters ahead of time so you don’t accidentally fall into any common traps that can affect unprepared sellers.
When you work with an experienced Inbar Group business broker in New Jersey, Massachusetts, Pennsylvania, Rhode Island, New York, Connecticut, Vermont and/or Maine, you will have a trusted advisor working by your side to further ensure that legal matters are properly addressed.
Work with Trusted Professionals
Just like it is recommended to work with a business broker or M&A advisor, it’s also essential to work with an attorney. We recommend specifically that our clients work with an attorney who has years of experience with business sales transactions. If you need a recommendation for a lawyer, ask your Inbar Group business broker in New Jersey, Massachusetts, Pennsylvania, Rhode Island, New York, Connecticut, Vermont or Maine.
Utilize the Necessary Legal Documents
Needless to say, business owners often run into legal issues when they fail to maintain confidentiality. That’s why it’s essential to make sure that a non-disclosure agreement is in place before notifying anyone that your business is on the market. Your prospective buyers will be seeking information about everything from business contacts and employees to intellectual properly and pending litigation. Clearly, this is information you will not want to disclose without a binding NDA.
A letter of intent (LOI) is another important document that should be utilized during the sales of a business. Unfortunately, many business owners skip this step as they worry about slowing down a deal. However, the letter of intent is designed to state expectations regarding the deal. At the same time, it protects the seller as it ensures that your prospective buyer is serious.
Handling Legalities from Start to Finish
From the time you have your initial business valuation in New Jersey, Massachusetts, Pennsylvania, Rhode Island, New York, Connecticut, Vermont or Maine to the time that you sign the final contracts and deposit the check in the bank, you will constantly need to be thinking about potential legal issues that impact your sale.
Our brokers have years of experience helping our clients through a wide variety of legal issues, and we can use that know how to benefit you and your transaction. When legal and financial issues are handled correctly, you will have a smooth and trouble-free path selling your business. Contact us today for information about getting started on that path.