Irvine Business Lawyers Discuss Purchase Agreements in Buying a Business
September 15, 2017
The process of purchasing a business is a complicated one that involves many moving parts. The seasoned business attorneys at FitzGerald Yap Kreditor LLP offer valuable insight into some of the most important aspects of the process.
What is a Purchase Agreement?
After you have worked out all of the business considerations about whether it makes sense to purchase another business, you need to memorialize that decision in a purchase agreement. You should not accept a draft of a purchase agreement before you have consulted with an experienced business attorney to make sure that you are actually getting what you planned for.
One of the most critical provisions of a business purchase agreement are the obligations of the seller concerning what he or she must complete before the sale is finalized. This could include any personnel changes that must be instituted or paying off any outstanding loans that the business may have.
In addition to the purchase agreement, you should carefully review any exhibits to the agreement. You should check for a list of existing creditors so that you are completely aware of any of the existing debt obligations of the business that you will be purchasing. Also, make sure that any property deeds are included because this will give you an exact listing of all of the real estate that the business currently owns.
Finding the Right Business Attorney for You
Before you commit to retaining a particular attorney, you should ask how many business purchase agreements he or she has been involved in negotiating. Another thing that you should iron out is exactly how much the attorney will charge for his or her services in reviewing the agreement.
Quality Legal Advice in Purchasing a Business
If you are in the process of buying a business, contact the experienced Irvine business lawyers at FitzGerald Yap Kreditor LLP. Call us today at (949) 788-8900 to schedule a consultation and find out how our trusted attorneys can help you maximize your return and avoid pitfalls during your purchase agreement negotiations.
