When selling a business, having the right attorney on your team is essential to ensuring a smooth transaction. As a buyer or seller, you can navigate complex legal processes that can expose you to risks if not handled correctly. An experienced attorney, specifically one familiar with business transactions, helps protect your interests and ensures the legal structure of the deal aligns with your goals.
For sellers, an attorney ensures compliance with all regulatory requirements and safeguards against future liabilities. They draft and review contracts, manage due diligence, and ensure the terms of the sale are clear. Having an attorney allows you to focus on running your business during the selling process, confident that legal matters are in capable hands.
Buyers also benefit greatly from having an attorney involved and are in most cases, required to do so for drafting of the purchase agreements. They help with understanding legal obligations and liabilities tied to the business, draft + review purchase agreements, and ensure that the terms are fair. An attorney will also confirm that all licenses, permits, and intellectual property are properly transferred.
Expect attorneys to work closely with the broker(s) and accountant(s), providing input on the legal nuances of the transaction while the broker(s) focuses on negotiation and valuation. From the purchase agreement to closing documents, an attorney ensures that every aspect of the sale meets legal standards, reducing the chance of disputes post-sale.
