Selling A Small Business In Southern California - Do I Need A Lawyer?
Is an attorney necessary when buying or selling a small business?Yes, you may very well need to consult a lawyer during the sale or purchase of a business. As a rule, I always recommend that both buyers and sellers consult their attorney for the review of any legal documents. Remember that business brokers, no matter how experienced, are not licensed to, and therefore should not, give legal advice.
Parts of the deal you may want to bring your attorney into
- Write a Covenant not to compete.
- Write Employment contract (for existing employees or the current owner).
- Review of the escrow instruction.
- Review of promissory note.
- Review of new or assumed lease.
- Review of any agreement produced by the other party.
Make sure the attorney you consult with is experienced in the business transaction process. An experienced attorney can advise his client so that all of the details of the transaction are properly addressed. This will keep the deal moving forward. If you do not know of an experienced attorney in your area, your broker should be able to provide you with a short list of those he can recommend.
Finally, many of the standard contracts that business brokers use (including all CABB forms) are written from a neutral perspective. They try not to favor the buyer or the seller. This is why many brokers will insist on using these forms rather than having a party\'s attorney draw up the initial offer. Just keep in mind if you were handed an offer that was written by the other party\'s attorney you would be inclined to think it may favor that party\'s side. Therefore if you are working with a contract or offer that was drafted by the other party you should always have your attorney review it.
Joe D. Robertson is the Broker and Owner of Southern California Business Brokers; Orange County primer full-service business brokerage.
Visit our web site for more information on selling your business at http://SoCalBizBrokers.net/ or contact Joe at http://www.scbizbrokers.com/contactus.asp
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