Buying a Business
When purchasing a business, you may need assistance in securing financing. Our business attorneys have extensive networks with conventional and private financing options. You may need to evaluate leasing versus purchasing real estate. You will want to see a current balance sheet and financial statements for at least three years, including tax returns and the most recent 12 months’ financial statements by month, to determine any seasonal fluctuation. We work hand-in-hand with the region’s largest accounting firms in evaluating proposed deals. It is also wise to request a specific list of all the assets you will be buying and what they are worth, as the tax implications of how the purchased assets are allocated can make a big difference to your pocketbook.
The seller will usually request that a prospective purchaser sign a non-disclosure or confidentiality agreement before allowing the purchaser and its professional team to view their financial information. We can assist with drafting or reviewing such agreements. Additionally, the seller may require the prospective purchaser to provide proof of financial viability to ensure that you have the means to buy the business. As a buyer of a business, you will likely require a covenant against competition, so that your seller does not compete with you. We can negotiate and prepare such a covenant that it is sufficient to protect your interests yet limited enough in scope so as to survive judicial scrutiny.
Let the professional and experienced attorneys and business advisors at Blustein, Shapiro, Rich & Barone, LLP help guide you through the entire business sale or purchase process to ensure that the most important transaction of your life closes successfully.