Orange County Business Purchase and Sale Lawyers
Acquiring and selling businesses are not always an easy endeavor. Business sales are vastly different than the same of tangible property. The sale of a business requires months, even years, of planning and inspections, often dictated by the terms of an Asset Purchase Agreement or related document. If you are thinking about selling or buying a business, you need the expertise of an experienced Orange County business purchase and sale attorney.
Business Purchases and Sales
Unlike the purchase of a simple item or piece of property, business purchases and sales often involve the transfer of intangible assets, such as partnership interests, limited liability company interests, or corporate formation. The structure of any business sale will be detailed within a contract or other signed agreement, which will discuss the exact interests purchased, as well as the entire structure of the existing business.
Business purchases and sales should not be rushed, and you should intend for a lengthy period of time during which the purchasing party can examine the books and any other background information that is necessary to consider when making a purchase of this magnitude. If you are the purchaser, understand that you should conduct a full-scale inquiry into the company you are buying before jumping into the purchase.
The reason for the lengthy process involved in any business sale rests within the due diligence required. You do not want to purchase a house without at least an initial inspection, so why would you want to buy a business without a similar inspection of the assets? Due diligence inquiries will allow you to ask detailed questions of the selling business regarding the entity structure, financial history, and legal inquiries. Due diligence is an ongoing part of any business sale, and many of the requests and answers are worked into a Purchase and Sale Agreement or an Asset Purchase Agreement.
The assistance of a dedicated attorney will provide comfort throughout the process and assure you that you will not be selling a business for less than it is worth, or will not be purchasing a business with hidden troubles attached to it. The due diligence phase of business sales is a vital part of the transaction because it will allow the purchasing party time to clean up any inconsistencies on the business’ books, as well as provide reassurance that the business is not going through any significant turmoil. Due diligence is the single most important aspect of a business purchase or sale and will provide the purchaser with essentially a blueprint of the business’ ongoing activities.
Boyd Law | Orange County, California Business Law Attorneys
If you are considering a business sale or purchase, do not hesitate to contact the experienced attorneys of Orange County Boyd Law. Our attorneys understand the lengthy process certain business purchases and sales can cause and will work tirelessly to ensure you are receiving the outcome you deserve and no hidden clauses jump out after the purchase is complete. Contact our Orange County office today for your initial free consultation.