Are you considering buying a business in Florida? Acquiring a business can be a game-changing decision, one that can fundamentally alter the course of your entrepreneurial journey. At Bennett Law Center, our skilled business attorneys work with entrepreneurs and business owners to execute on acquisition strategies that minimize risk and maximize ROI. Call today to speak with a Groveland business acquisitions lawyer.
When the right business acquisition opportunity comes along, you need an experienced law firm by your side. We help clients throughout Florida purchase businesses, helping them achieve their vision for their business’s future. Meet the team you will be working with by clicking the button below.
Before entering into an agreement with a seller, you will likely begin discussing the acquisition opportunity and the details of the deal. Important information, such as the seller’s financial position, their assets, and the value of the business, will begin to form the basis of any initial negotiations. The amount of due diligence required for any given purchase depends on the business and type of deal that is being entered into.
Some things to consider when negotiating the purchase of a business include whether shareholder approval is required, what third-party contracts – like lease agreements – are currently in place, and whether or not any key employees will continue to work for the business once a sale has occurred.
Prior to entering into a formal agreement, parties often sign a letter of intent, or LOI, to demonstrate their commitment to the deal. These contracts are not binding, however, and a party cannot be forced to sell its business simply because a letter of intent has been signed. A Groveland business acquisitions attorney could help you ensure your best interests are protected during these negotiations.
A formal purchase agreement is reached once all of the details of the deal have been negotiated and decided upon. This contract will contain all of the relevant details relating to the deal, such as the purchase price, the timeline for turning the business over, whether an escrow agent will be used, as well as other key terms of the deal.
Before closing, there will be many details that each party will need to review. Having an experienced Groveland business attorney to review the terms of the acquisition agreement as well as any subsequent documentation will help you minimize liability as you move into closing.
Due diligence is undoubtedly one of the most important phases of a business acquisition. During due diligence, your attorney will review all pertinent information, such as financial records, bank statements, tax returns, inventories, contracts, and liens. The scope of due diligence conducted for any given business acquisition depends entirely on the circumstances surrounding the deal.
Closing is a detailed, paperwork-heavy process that finalizes the deal. During closing, all deal documents are signed and notarized, proceeds from the sale are disbursed, and any documents such as titles, deeds, and certificates are signed over. Your Groveland business acquisitions lawyer will work alongside you to ensure that closing goes as smoothly as possible, and all documents are properly executed. Contact our office today to get started.