The sale or purchase of a business in New York, even a small business, can be an unexpectedly complex process and cause unnecessary headaches for you as a business owner. At McCarthy and Sons Chambers, LLC, our experienced business attorney Michael LeoFoster can represent your interests if you are interested in buying or selling your business.
Some of the key considerations that factor into the process of buying or selling a business include:
- Are you wanting to sell your entire business, or just the assets? If assets are a part of the transaction, are all the assets being transferred? For example, consider your business's equipment, materials, employees, stock options, and intellectual property.
- If real estate is involved, is the property a part of the transaction?
- Is the business you wish to buy or sell an existing franchise? Are there necessary documents or requirements which are specific to the franchise?
- Should your business operate as an LLC, closely held corporation, or another business entity?
- What changes, if any, need to be made to the operating agreement or bylaws if one or all the owners sell their interest in the business?
- Is there a contingency clause in case key aspects of the deal fall through or one of the parties fail to live up to their expectations?
- Is confidentiality being protected during negotiations and throughout the business sale process?
- Are there regulatory or legal concerns that will arise as a result of the sale?
- What is the sale price, and who will cover incidental costs, e.g. inspections, audits, taxes, etc.?
A crucial part of any business sale or purchase transaction is due diligence. A prospective buyer needs to inspect the finances, operations, records, and functions of the selling business to properly analyze the risks of the transaction. Our experienced business attorney Michael LeoFoster can help track down and compile the documents a selling business needs, and if representing a propsective buyer, can advise the client as to what documents to request and due diligence factors to consider.
At McCarthy and Sons Chambers, LLC, our experienced business attorney Michael LeoFoster can assist you as a selling business or a prospective business buyer, and advise you regarding many due diligence issues, including:
- Requesting, reviewing, and advising on due diligence documents, including identifying potential liabilities, risks, and debts of the selling business
- Drafting letters of intent and requests for documents and other information
- Drafting and/or reviewing non-disclosure agreements (NDAs)
- Advising on the legal and business risks if the business sale is completed
- Facilitating the due diligence process, including inspecting facilities, checking for appropriate licensing and regulatory authorities, auditing financial reports, and vetting existing customer and vendor lists
If you are interested in buying or selling your business, big or small, contact McCarthy and Sons Chambers, LLC, by telephone at (863) 226-5882, or email Michael LeoFoster directly at [email protected] to schedule your FREE strategy session today.