Are you getting everything you think you're supposed to get with the purchase? So many business assets are "intangible."
As a buyer, how do you minimize the risks you might be exposed to if the seller hasn't been entirely forthcoming about the business?
As a seller, how do you make sure the buyer doesn't come back and blame you if they're not as successful as they had hoped?
You've figured out the basic terms of the deal, but now the other side has presented an extensive purchase agreement with so many "little details" you had never even considered. How do you negotiate these details? Which ones really matter?
You've worked hard to build your business. Are you really getting what the business is worth?
Or, you're buying a business. Is it really worth the price the seller is asking?
With so many people potentially involved (employees, vendors, attorneys, accountants, etc.), how you do ensure a smooth transition?
Includes: Purchase Agreement, certain ancillary documents (Bill of Sale & Assignment, Escrow Agreement, Non-Disclosure / Non-Compete / Non-Solicitation Agreements, Personal Guarantee, Promissory Note, Security Agreement and UCC Financing Statement, Letter of Intent, and Service/Consulting Agreement), and third party negotiations/client consultations.
Business formation, operating agreements / corporate bylaws, commercial leases, and employment agreements may also be necessary depending on your unique deal, and such services are additional.
If the opposing party's attorney is preparing the initial draft of the documents: $5,850.
Letter of Intent / Purchases Less than $150,000: $1,400
Capped at 7 hours of attorney time; additional time billed hourly and will require a retainer.
Business Purchase Agreement: $3,950
- Review & Advice: $2,125 (includes 1 round of attorney edits / redlines)
Bill of Sale & Assignment Agreement: $100
Escrow Agreement: $200
Non-Disclosure / Non-Compete / Non-Solicitation Agreement: $525
Personal Guarantee: $275
Promissory Note: $450
Security Agreement: $400
Includes filing UCC Financing Statement
Service / Management / Transition Agreements: $1,150
Agreement to Dissolve a Business / Partnership: $1,075
Buy-Sell / Membership Interest Transfer / Shareholder Agreements: $1,050
LLC Certificate of Dissolution: $200
+$50 Secretary of State Fee
Before you doctor up another contract you found online, waste your money on one of those DIY forms, or sign whatever is put in front of you, get a free review checklist. Then decide whether that contract is really worth the paper it's written on.