Legal Assistance Regarding Buying And Selling Businesses
After more than 80 years serving the legal needs of businesses in New Haven and throughout Connecticut, the attorneys of The Pellegrino Law Firm P.C. have a wealth of experience to offer those seeking to buy or sell a business. From hotels and restaurants to convenience stores and liquor stores, we are here to help you succeed.
For buyers or sellers, our objective is to complete the transaction in a manner that maximizes benefit and minimizes the exposure to risk after the sale. Our attorneys will explain all of the options you are facing. We consider ourselves a law firm you can use for the rest of your life. We build and maintain quality relationships with our clients and help them through all stages of their business.
Advice For Selling Your Business
The biggest mistake people selling businesses make is to negotiate the transaction before speaking to a lawyer. Often, sellers will agree to terms that are disadvantageous, or they may give the other party proprietary information about the business without the protection of a confidentiality agreement.
Our attorneys can provide invaluable advice on how the process works. First, we will discuss how best to structure the deal. Next, we will consider other issues such as noncompetition, tax ramifications and indemnity. We work closely with your tax advisers, financial planners, intellectual property counsel and others to protect your interests at every stage of the transaction.
Helping You Buy A Business
The purchase of a business is a major step that requires careful scrutiny of myriad details. After performing due diligence, we give the buyer as much information as possible about the business in advance of the transaction. This risk assessment allows our clients to know what they are buying, and the risks and benefits associated with the transaction.
We will evaluate all assets, including key contracts with suppliers, customers and vendors. If the transaction is a stock sale, those contracts will stay with the corporation. We will also evaluate potential risks. For example, in a stock sale, you will own all the past problems associated with the corporation, including potential lawsuits, employee and tax issues. In these cases, we will insist that there be a large enough escrow to cover the potential risks.
We can also assist you in negotiating financing issues with your investment banker or business broker. Don’t find out too late that you could have made a better deal. Contact us early in the process.