Business Acquisition Checklist for Buying or Selling a Business
The following is a general checklist of issues that typically should be addressed in a Business Acquisition Agreement, when buying or selling a business.
- Formation of new Legal Entity or Entities (for purposes of, for example, acquiring the Business Assets, purchase property, enter into lease, etc.).
- Offer to Purchase, Term Sheet and/or Letter of Intent: consider whether it will be binding or non-binding and understand the benefits and disadvantages of each.
- Due Diligence.
- Understand the difference between a Business Asset Sale vs. Stock Purchase and Sale
- Business Asset Purchase and Sale Agreement
- Real Estate issues: Purchase & Sale Agreement, Negotiations with Seller, Title Issues, or Lease, if Lease Assignment or New Lease, Negotiations with Landlord.
- Intellectual Property Rights for Sale: Trademark, Domains, Designs, Web Site, etc.
- Inventory Purchase issues: usable versus non-usable; cost.
- Components and Issues specific to the type of Business you are purchasing.
- Local and State Permitting; Establishment License
- Supplies: Types of Supplies; Supplier/Vendor information and contracts.
- Employees: Terms of Employment; Termination or Retention issues.
- Cleaning Company for the Premises of the Business
It is important to have advice from experienced professionals when purchasing or selling a business. Such professionals include legal counsel, tax professionals and may include others specific to your industry.
Consult a competent experienced Business Acquisition Lawyer to discuss your specific situation. Click here to schedule a consultation with Michelle DelMar, Esq., Business Purchase and Sale Lawyer.
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