Generally speaking, people think of buying or selling a business as a simple transaction. However, like most things in the world of business, buying or selling a business can be a complicated process.
Whether you’re ready to purchase or sell a business in the greater Milwaukee area, the attorneys at McDonald & Kloth, LLC can draft and/or review your Business Purchase/Sale Agreement. Our firm provides a full range of legal services and will help you consider the practical and legal elements of your business sale agreement.
What is a Business Sale Agreement?
Also known as a business purchase agreement, a business sale agreement is a contract commonly used when completing a transaction to sell the assets of your company to a buyer. Through a business sale agreement, a buyer and seller can establish the terms and conditions of the sale to make the purchase official.
Why Do Business Owners Need an Attorney?
When dealing with the complex process of buying and selling businesses, it’s best to receive assistance from an attorney knowledgeable in the area. An attorney will draft and/or review your organizational documents to ensure they are up-to-date and compliant with state, federal and local laws and regulations. Furthermore, an attorney will review the other party’s documents and make sure that everything is in order.
Rather than simply finding a business sale agreement template online, an attorney can help structure and negotiate the terms of the company sale that are more structured to your agreement.
What Should a Business Owner Look for in an Attorney?
Hiring a good attorney is crucial in purchasing a business because their role can determine whether or not the agreement is successful. Take the time to carefully select the right attorney as a guide through the process of purchasing a business. Here are a few steps to follow when going through the selection process:
Interview the attorney – Learn what type of work the attorney handles and make your needs clear. It’s important to find an attorney with a professional reputation that you feel comfortable with and trust to take on your case.
Check their references – Before using any firm or attorney, ask for references of individuals that they have previously represented in buying a business in a similar size to yours. Additionally, ensure that they have the proper experience and expertise with the process of buying or selling a business.
Understand the costs – It’s important to know beforehand the expected costs for the advice and services rendered. Having an attorney draw up a business sale agreement often requires at least 10-15 hours of the attorney’s time. Depending on their hourly rate, more complex agreements will take more time and may cost more.
When Should a Business Owner Consult an Attorney?
It’s best to consult an attorney as early as possible in the process. Generally speaking, an attorney should be consulted once a decision has been made to sell or purchase a business. An attorney can assist with preparing documents with information necessary for offering the business. Preparation is key to prevent surprises throughout the business sale agreement process.
Consult the Professionals at McDonald & Kloth, LLC
From preliminary negotiations and discussions to closing the deal, our experienced attorneys can assist your business sale agreement. Our professional staff, coupled with our industry partners and alliances, give us the upper hand when it comes to serving the needs of our clients in the Milwaukee area.
For more information on how McDonald & Kloth, LLC can help you, please contact us at (414) 395-8774 or firstname.lastname@example.org.