The most exciting, stressful, and important time for a business owner is when they buy or sell their business. It is important to hire an attorney early in the process so that an experienced professional can structure the transaction from the beginning and spot/address issues that could make or cost a buyer or selling a lot of money in the future. A business owner who fails to engage an attorney early enough in the process runs the risk of “re-trading” if a small lawyer spots material considerations that must be addressed.
Agreements to buy or sell businesses can be structured as asset sales or interest purchases. Whereas the asset sale is clean and preferred from a lawyer’s prospective, it requires a lot of work by the purchaser immediately after closing to open new bank accounts, establish credit, obtain insurance, and other routine tasks. Anyone seeking to buy or sell a small business should contact an experienced VLF Houston small business that can bring real value to the purchase/sales process.