Buying a business can be complex, whether you are buying all the assets or merely a portion or even simply the entity without any physical assets. If you are purchasing an entity, you have to decide whether you will merge it with other businesses you may own or whether they will continue to exist as separate entities. These transactions can often come with strings, including attempts by the previous owners or third parties to stop the purchase or sale. This can be true even for the smallest family-owned business, over which communities often feel they share ownership. The transactions can also suffer serious tax penalties if not properly conducted.
To make sure you avoid these pitfalls, consult a lawyer as soon as you begin considering the purchase or sale of your business. Here at the law offices of Thaddeus M. Bond & Associates, our small business attorneys have deep experience with business transactional law in this area. We have seen what makes a deal successful, and what can make it fail. We can help you structure the deal to maximize your benefit.
Once the deal is structured, we can help you navigate the complexities of the entire transaction, including:
- Writing a Non-Disclosure Agreement that allows detailed discovery about the entities involved, but protects the information during and after the disclosure process.
- Writing a Letter of Intent that does not unintentionally commit you to an unfavorable course of action or allow the other party to take advantage of unspecified details.
- Writing the definitive agreement structuring the transaction.
- Securing the help of local experts on all aspects of the process, including accountants, lenders, even tax advisors.
If you are considering the purchase or sale of a business, you should consult a business transaction lawyer before you take any steps. Contact our Lake County small business attorneys at the Law Offices of Thaddeus M. Bond, Jr. & Associates today to schedule a free consultation.
Our business acquisition lawyers serve clients throughout Wisconsin and Illinois including Libertyville, Vernon Hills, Gurnee, Grayslake, Lake County, and Waukegan.