Houston Purchase and Sale Agreement Drafting Attorney
Secure Your Deal with a Business Purchase and Sale Agreement Attorney: Professional Advice for a Smooth Transaction
Buying or selling a business is complex; you need help understanding how to value everything to facilitate the transaction effectively. The lack of knowledge about valuation puts business owners and potential owners at a disadvantage. Mistakes like this could hurt your total returns and profit margins, as purchasers will overpay and sellers will give away too much during the negotiations.
According to the Bureau of Labor Statistics, only 25% of all new businesses will survive within 15 years of opening or purchase. A lack of knowledge increases the chances that adverse shocks could have catastrophic consequences on your business.
A skilled Houston sales and purchase attorney will help you to make prudent decisions. We have decades of experience advising business owners and entrepreneurs on buying or selling a business. Our team has worked on transactions ranging from mom-and-pop businesses to large corporations. Our knowledge, skill, experience, and dedication make a difference in smoothly completing these transactions for you. We work with you every step of the way, from drafting the purchase and sale agreement to closing the final transaction.
The attorneys at the Weisblatt Law Firm have decades of experience handling purchases and sales. You work with a business sale and purchase attorney with experience in creating different types of agreements and advising clients on their options. You get a favorably structured deal using our knowledge and skill to ensure everything is done correctly. Contact us now to schedule your consultation with a Houston purchase lawyer. We will review your situation and discuss the different options we could pursue.
The Process of Buying or Selling a Business
There are many different reasons why a purchase and sales agreement is necessary, including time, speed, costs, and defining the terms and conditions. These factors ensure you can buy or sell the business with the least challenges.
A process unfolds where specific steps are taken to ensure the business is valued correctly and there is no confusion:
Valuation
Both sides will agree to an independent valuation of the business before making an offer or selling it. The buyer needs time to make a reasonable offer, while the seller wants to ensure that they are getting accurate information.
Preliminary Negotiations
The preliminary negotiations are when the buyer and seller agree to key terms such as the structure, preconditions, and price. These terms set the conditions for the talks, showing the other side what is most important to their counterpart in the transaction.
Due Diligence
The buyer must confirm the viability and value of the business to decide if this is something they want to pursue. A business purchase attorney looks at the financial records and other documents to evaluate the business. They use their knowledge and experience to help you to understand what is involved with buying a business.
Drafting the Purchase and Sale Agreement
You will need a Houston business purchase lawyer to coordinate the sale of the business. The process involves many legally binding documents, such as:
- Purchase agreements
- Letters of intent
- Assignment of leases
- Bill of sale
- Security agreements
- Non-compete agreements
- Confidentiality and non-disclosure agreements.
Your attorney offers assistance and advice in drafting and negotiating the terms and conditions in these documents.
Pre-closing Review
The pre-closing review is when all parties confirm that they have completed the above steps, including getting approvals from suppliers and landlords.
Closing
The closing is when the buyer and seller formally settle the transaction by agreeing on the amount, terms, and conditions. The seller transfers all legal rights of the business and the necessary paperwork for the new owner to take over.
A skilled Houston business sale and purchase attorney is necessary to facilitate these transactions. We use our knowledge and experience to ensure that everything goes smoothly and you avoid making critical mistakes while negotiating your purchase or sale. These deals require professionals who can guide you to make prudent financial decisions.
What is the Business Worth?
Valuing the business is one of the most critical steps for drafting a purchase/sale agreement. It is essential to ensure the buyer and seller receives a fair price. A professional business appraiser will evaluate the business and give you their final numbers. They look at numerous factors, including the following:
- Future earnings
- Business assets
- Book value
- Capitalization
- Good will
- Liabilities
- Current income
- Cash flow.
The appraisal reviews the business independently to create the most accurate numbers when valuing a business.
Common Legal Issues when Selling a Business
Whenever you sell a business, common issues arise that impact the deal.
Confidentiality: During the due diligence, the buyer must access the business’s financial records and information. Sellers ask potential buyers to sign a confidentiality agreement before giving them access to this information.
Indemnification: The buyer could ask the seller to repay them for any claims or events arising before the closing.
Continuing employment: It is not unusual for the buyer to ask the seller to continue working at the business after the sale. The seller is helping to ensure a smooth transition and get the new buyer up to speed on everything. The terms for these types of arrangements are laid out in the purchase and sale agreement.
We recommend speaking with a skilled Houston business sale lawyer if you are considering selling your business. These transactions are complex, and drafting the purchase and sale agreement requires knowledgeable professionals with experience in handling these transactions.
Common Legal Issues When Purchasing a Business
Those who are buying businesses need to consider specific factors. Some of the most common we encounter are:
Non-compete agreements: The buyer could ask the seller to sign a non-compete agreement to stop them from opening a competing business and taking their customers.
Assets included with the purchase agreement: The business’s assets should be listed in the purchase agreement, specifying what is included with the sale. The buyer wants to know what equipment, inventory, and other assets are coming with the business. A clearly stated agreement reduces confusion and ensures a smooth transaction is completed.
Due diligence: Due diligence is a lengthy process and is performed by a qualified professional. The goal is to evaluate everything objectively and ensure that all assets are identified.
A business sale and purchase attorney can help you to make prudent decisions when buying a business. We serve as a trusted professional who guides you throughout the transaction.
Why Choose Us?
Buying or selling a business is complex, affecting the transaction’s outcome. A skilled sale of business lawyer ensures that nothing is left to chance by looking at all aspects of the transaction, from legal to financial.
We have decades of experience advising buyers and sellers on effectively handling these transactions. Our attorneys have worked with small to large businesses and understand the complexities of each situation. We use this knowledge and experience to ensure that the transaction protects you and gives you the most complete information. Our team helps you avoid critical mistakes and troubleshoot any issues you encounter.
You are buying a business to give you the maximum return on your investment or selling it for the highest price. Either way, our team gives customized advice and guides you throughout the transaction to make prudent decisions.
How Can We Help?
Regardless of the transaction size, we can help you make intelligent decisions to maximize your returns. One of the biggest things impacting most business transactions is the buyer or seller’s failure to get the assistance of a skilled business attorney. You work with a dedicated professional who will help you create a purchase and sales agreement and negotiate the final transaction. We work tirelessly to look out for you and protect you.
Our team saves you time, money, and stress by avoiding the complications and challenges you could face. Our knowledge, skill, and experience make a difference in guiding you to ensure the transaction successfully meets your objectives. You get the support of a skilled attorney who looks out for you and ensures everything goes smoothly.
Our attorneys are passionate about what we do and are dedicated to making a difference for our clients. We serve as advocates and trusted advisers who look out for you and ensure nothing is left to chance. One of the most significant mistakes buyers and sellers make is not asking the tough questions and covering all the bases.
Your attorney looks at all aspects of the transaction to give you prudent and objective advice. These are reflected in drafting the purchase and sale agreement to protect you and maximize your returns. We understand your challenges and are here to simplify everything when buying or selling different size businesses. The purchase and sales agreement states what is covered in the transaction, and our teams make sure that it is ironclad to give you maximum protection and reduce your risks.
Business transactions are complex, and you need a skilled attorney to guide you. Our dedicated professionals will put their decades of experience to work for you to ensure that nothing is left to chance. We help you to manage your risks more effectively by looking at possible challenges and creating solutions to address them.
Attorney Andrew Weisblatt
Mr. Weisblatt has practiced continuously since becoming licensed in 1992 and has represented businesses ranging in size from one person start-up ventures to multi-national corporations employing hundreds of people in multiple countries. From 2005 through 2009 Mr. Weisblatt was in-house counsel and chief operating officer of a multi-national corporation in the steel products industry. That in-house position provided valuable insight into how businesses work and what they actually need from their lawyers – both in-house and outside counsel. Attorney Bio
