Buying or Selling a Business? Avoid the Pitfalls and Secure a Favorable Deal

 Posted on July 12,2016 in DuPage County Business Law Attorney

Whether you are buying or selling a business, there are factors that should be considered to ensure a favorable deal. Furthermore. It is also important that you know how to avoid potential pitfalls that could cost you money, cause legal complexities, or result in delays. Start off on the right foot by conducting thorough research and seeking assistance from a skilled legal professional.  

Selling Your Business

No matter the type of business you own, no matter the size, it critical that you take the time to find the right buyer to secure a favorable deal. In some cases, you may even want to ensure that your legacy and vision are preserved. And, in the weeks and months leading up to the sale, you will need to take some proactive steps to prepare your business for the transaction, including:

• Understanding any tax and liability issues of the sale,
• Determining what type of sale you prefer (asset or stock purchase),
• Understanding why it is you want to sell your business,
• Obtaining an accurate valuation for your business,
• Creating a business succession plan, and
• Determining who will finance the sale.

Buying a Business

There are a number of reasons that you might choose to purchase a business - maybe it is easier than starting your own from scratch, a way to expand your portfolio, or the time to expand. Whatever the reason, there are some important and critical considerations to make prior to the purchase. For example:

• How much debt are you willing or able to assume?
• Is the business you want to purchase worth the investment?
• Are there any potential problems that could cause a loss or delay?
• Will you need to downsize or hire more personnel once the takeover occurs?
• Is the selling price fair and the valuation accurate?

Skilled Legal Assistance for Buyers and Sellers

Regardless of whether you are buying or selling a business, the DuPage County business lawyers at Stock, Carlson & Asso. LLC can help. Backed by more than 40 years of experience, we are fully committed to your best interest. Our attorneys will provide you with effective communication, proactive representation, and personalized attention during your business sale or purchase. Get the legal representation you deserve. Contact us at 630-665-2500 today.

Sources:

https://www.sba.gov/managing-business/closing-down-your-business/selling-your-business

http://www.cnbc.com/2016/05/23/7-questions-to-ask-before-buying-a-business.html