Consult an attorney before buying a business
If you’re considering buying a business, chances are you’ve asked yourself the following question: What kind of attorney do I need?
This is a good question. At the Horenstein Law Group, we often write in our blog about how important it is not only to ask the right questions — but to ask questions so that you know what questions to ask!
One of the perks of hiring an attorney prior to any big business-related maneuver is that a good attorney can tend to the business at hand while anticipating issues down the road. Furthermore, an experienced attorney knows that his clients are unlikely to know what to look for when their business is just getting off the ground.
Contact Horenstein Law Group today, and let’s start a conversation about how best to go about buying a business — and what kind of attorney you’ll need to stay on top of things.
Buying a Business, Hiring an Attorney
There are many questions to ask when it comes to buying a business. For the sake of this blog post, we’ll assume that you — as the prospective business owner — have done your due diligence in determining what kind of business to buy and whether or not that particular business has a viable future.
The attorneys at Horenstein Law Group can help. While we may not be able to guarantee your new business will make money, we can certainly assist you along the way in determining the best way forward when it comes to buying an existing business.
What To Consider When Buying A Business
Although this list is by no means comprehensive, it should provide you with a good starting point.
- First things first: Set up an appointment with your attorney to go over some of the preliminary details of acquiring a business. Your attorney should go over with you a list of things you’ll need in order to prep for the acquisition.
- Next, discuss with your attorney your specific plans. For example, will this be a stock purchase? Or will you be buying the actual assets of the business? For obvious reasons, each of these transactions has their own rules and regulations that your attorney can help you understand.
- There are even some seemingly “minor” things that you’ll need to know, such as whether or not the business’ trademarks will be transferred to you in the sale. If so, is there any other intellectual property that you’ll need to buy outright (recipes, systems, menu verbiage, etc.)?
- Finally, is it necessary to have the business appraised prior to a sale? What are the tax considerations? Are they dependent on whether you finance the purchase or pay with cash? If so, how?
These are just a few of the questions that a good attorney will work with you to answer.
Horenstein Law Group
Buying a business is an exciting endeavor. At Horenstein law Group, we want to make sure the process goes as smoothly as possible for you.
Our attorneys have years of experience dealing in business transactions, planning and finance — both with stock purchases and asset acquisition.
Contact Horenstein Law Group today, and get those important questions answered today.