Buying a Business
Buying an existing business can and should be a great opportunity to get
into business without all the headache, heartache and hassles of starting
from scratch. All or most of the typical things involved in starting a business
from scratch such as deciding on a product or service, setting up the
infrastructure of employees and technology is already set up and ready to go.
Most of the people who consult with us about buying an existing business
hope to buy a "turnkey" operation. They plan to buy a business that's already
established and usually have high hopes to make it even better.
Unfortunately, many business potential purchasers get turned off of the
process or just plain overwhelmed at the time and effort involved in buying a
business. You must take the time to fully investigate the business you are
looking to buy and be willing to utilize a team of people to determine what
you are buying and to ensure you are as protected as possible.
We assist many people in buying businesses by drafting or reviewing
purchase documents, reviewing documents prepared by others, developing
the checklist of items to review (due diligence) and interpreting and
analyzing the results of the review.
We have seen many people "go it alone" to save some money when
purchasing a business only to find that what they have bought is very
different from what they thought they were buying. The costs of failing to
investigate the business ahead of time and ensure adequate legal
protections are included in the purchase documents far exceed the savings
on hiring competent help in reviewing and documenting the purchase.
Unfortunately, most of the people we have seen in this situation ending up
closing or losing the business and a significant part of their assets as a
If you want to perform a thorough review of the business you hope to buy and
want as much protection as you can get in the purchase documents call our
office before you sign on any agreements. Once you have signed an
agreement, your options are much more limited. Do not allow a seller or
broker to pressure you into "closing a deal." We have seen these situations
turn into disasters for both buyers and sellers.
Buying a franchise versus starting a new business.
Should I use a business broker?
What to expect your first year working for yourself.
When to start planning for selling my business.
Attorneys and Counselors at Law
845 North 6th Avenue
Phoenix, AZ 85003
Selling a Business
Are you ready to move onto the next phase in life and slow down a bit? Make
sure you hand your business (often your life's work) off to the right person.
Sometimes we can structure a business sale so that the outgoing owner
receives a lump sum of cash. Most often however the seller finances the
purchase through a carry-back loan, acting as a lender. In fact most SBA
loans will require the owner to carry-back a portion of the sales price. You
want to make sure you investigate the buyer thoroughly (seller's due
diligence), to ensure you will be paid the full purchase price of your
Just like buying a business, If you want to perform a thorough review of the
potential buyer and want as much protection as you can get in the purchase
documents call our office before you sign on any agreements. We have
helped numerous clients sell their businesses and move on to different
Willmott & Associates, PLC serves clients in all Maricopa County cities, including Phoenix, Scottsdale, Tempe, Mesa, Chandler, Gilbert, Glendale, Peoria,
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