Buying or selling a business might be one of the most important decisions you make in your commercial life. You want to be sure that the transaction is on terms which are favorable to you, that your risk is properly assessed, and that there are no hidden surprises which could later affect the validity of the sale. This is why it is essential that you are represented by an experienced lawyer who has specialized in buying and selling businesses when you enter into a contract for the sale of a business.
The Process Of Buying and Selling Businesses
Whether you’re the buyer or seller, the lawyer and staff at the offices of Gary I. Handin, P.A., are here to advise you through the entire process so that you can achieve a smooth change of ownership on terms which protect your interests.
Drafting Of Contracts
Undoubtedly, the most important aspect of buying or selling a business is the drafting of the contract which will give effect to the sale. The terms which you include in the contract will have significant implications for the success of the transaction. It is essential that you have a good lawyer by your side who will be able to negotiate the terms of the sale in your favor, and who will guard against the inclusion of clauses which might expose you to risk. Being represented by a lawyer is not only important for the drafting of the contract – it’s also relevant to the circumstances in which the contract is concluded. For example, your lawyer will assist in ensuring that the party with whom you are contracting has the necessary capacity and authority to conclude the contract, and that they are properly identified in the contract itself.
At Gary I. Handin, P.A., you will find a team of professional, reliable, and highly qualified lawyer and support staff ready to assist you in the sale or purchase of your business. We have years of experience in business transactions, and our attention to detail and commitment to excellent client service make us the go-to law firm for many business owners in the South Florida area.
Preparation Of Necessary Documentation
Over and above the drafting of the contract of sale, there are a number of other documents which you will need to prepare to successfully complete the sale or purchase of a business. While some documents are not always legally necessary to obtain to successfully transfer a business, they are crucial to ensuring that all risks are properly evaluated and covered. For example, the buyer’s attorney should be responsible for making sure that the seller provides a legal, sufficient and accurate Bill of Sale, any employment agreements, and closing statements. The preparation of the correct documents is vital for the completion of a valid and successful transaction.
At Gary I. Handin, P.A., we pride ourselves on achieving only the highest standards of professionalism when it comes to the preparation of the necessary legal documents in the buying and selling of businesses. We understand the integral role which a lawyer plays in the transfer of businesses, and we are committed to using our legal expertise to the best of our ability to give our clients optimal legal protection.
Attendance At Closing
For transactions as significant as the buying or selling of businesses, it is strongly recommended that whether you are the buyer or seller, your attorney is present at closing. Closing is the very last step in finalizing the sale of the business, and involves the final completion of all paperwork and financial matters related to the transaction. Attendance at closing is a key way for your lawyer to be sure that all final legal checks have been completed, that all documents are in order, that contracts which are being signed correctly capture the contents of any prior agreement, and that your interests are protected.
At Gary I. Handin, PA., our meticulous closing lawyers are here to provide you with only the best representation during your closing process when you purchase or sell a business.
Lease Review & Negotiation
When purchasing a business, there is a fair chance that you will be taking over the lease of the premises from which the business is conducted. Lease agreements are complex documents, and the conventional terms do not always favor the lessee. This is why it is essential to have an experienced business lawyer assist you in the assignment and review and/or redrafting of the lease. There are a number of hidden clauses which buyers need to be aware of when entering into a commercial lease, and having a good lawyer who will negotiate favorable terms for your business and mitigate potential risks is a must.
At Gary I. Handin, P.A., are not only skilled negotiators; they are also experts in lease review and lease drafting. We will diligently review any leases which you may need to sign in the course of purchasing or selling a business and will advise you on any adjustments which need to be made to protect your interests.
Lien & Judgment Searches
If you’re considering buying a business, you need to be absolutely sure that there are no existing liens against it. A lien is a right which accrues to a creditor in certain circumstances which entitles them to the debtor’s property should they default on repaying a loan. If you purchase a business without knowing that there is a lien against it, you could risk losing the business should the lien-holder choose to exercise their right. Similarly, it is also important to be sure that there are no judgments attached to the business which entitle someone else to a claim against the business. It is therefore essential to conduct lien and judgment searches when buying a business. Since conducting lien and judgment searches involves in-depth searches of public records at state, federal and even international levels, it’s a task best left to an experienced corporate lawyer.
At the law offices of Gary I. Handin, PA., you will a find a lawyer with over 50 years of experience in conducting detailed, comprehensive lien and judgment searches.