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Business Acquisition
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Business Acquisition Lawyer Miami
When you buy a business, you want the best legal advice. That way you make a fair purchase agreement without unfair clauses, and to receive the best value out of the deal. To find the best business acquisition lawyers in Miami, you need to know the process and what to expect in terms of legal advice.
Purchasing An Existing Business
Although the purchaser no longer risks the perils of starting a business himself, he or she should still carefully review the financial past of the business before taking any action. In order to do so, a purchaser should examine the following items:
Certified financial records:
Know the number of accounts receivable and payable that you must manage, as well as the cash flow. If your business runs out of cash, then you have to close the shop. Check the company credit card records to see if the business can leverage awards such as cashback and traveling miles.
Employee files and benefits:
Contracts:
Past lawsuits:
Leases:
Business Purchase Agreements in Florida
Your Miami Business Acquisition Attorney
Past lawsuits:
The Trembly Law Firm will help you finalize your business purchase by avoiding key issues that often arise. We dissect the fine print and include:
- Preparing the documentation for the purchase
- Defining the terms and conditions related to the purchase
- Negotiating deals or contracts
- Organizing your business and incorporation
- Setting up any necessary entities
Receive The Best South Florida Legal Counsel From Trembly Law
The Benefits of Hiring a Miami Business Purchases Lawyer
When it comes to purchasing an existing business, there can be many benefits of hiring a qualified business lawyer. Purchasing a business can be a very involved, complex process. An experienced business lawyer can assist you as you prepare the necessary documentation, review financial information, ask and respond to questions with the seller, and so forth.
On this page, you will find a brief overview of the business purchase process as well a detailed explanation of the many things the lawyers at Trembly Law Firm can offer.
The Perks of Purchasing a Business
There can be many compelling reasons to purchase an established business. For one thing, when you purchase an existing business, you can avoid some of the costs and difficulties associated with starting a new business from scratch. An established business has already gone through the initial process of formation, brand development, employee recruitment, and so forth. Even in the best-case scenario, starting a new business is a very costly, labor-intensive project. If you start your own business, you will have to dedicate countless hours – and plenty of dollars – to building your brand, reputation, hiring the right people, and so forth. Purchasing an existing business provides something of a “shortcut” and enables you to pick up where someone else left off.
Exercise Due Diligence before Buying a Business
- Certified Financial Records: This is a no-brainer. Before you purchase any business, you need to carefully scrutinize that business’s certified financial records. You should review and analyze every piece of financial data you can obtain. Go over those records with the assistance of a lawyer and another consultant, such as a CPA or finance specialist. Carefully take note of the accounts receivable, payable, credit cards, liabilities and debts, business rewards programs, and so forth. The more research you do, the better position you will be in.
- Employee Files & Benefits: Gather and review as much information as you can regarding employee performance, compensation, interoffice employee relationships, culture, morale, and so forth. Also be sure to carefully scrutinize everything related to employee benefits, such as healthcare, overtime, personal time, and so forth. You want to make sure that everything accords with Florida State law, and also prepare to make any necessary or desired adjustments.
- Vendor Contracts: Conduct research on all existing and pending contracts and determine whether you should seek to renew or terminate them. Perhaps the company has an existing agreement with a particular vendor for cleaning services, but you’re aware of another vendor which would be a better fit. You need to familiarize yourself with all the existing contractual relationships of the business and decide where you stand toward them.
- Legal History: Conduct research on any current or past litigation involving the company. If the company has been involved in lawsuits in the past, research the details to determine what those lawsuits say about the company, its culture and its financial condition. Was the company at fault? Was the litigation frivolous? The last you want is to acquire a company without realizing that you stand a good chance of being sued in the future due to past behavior.
- Existing Leases: Does the company have existing leases? If so, what are your financial obligations and other obligations with respect to those leases? When do the leases end? Can they be renegotiated or renewed?
Florida State Business Purchase Requirements
Trembly Law Can Assist in Many Areas
- Preparing all required documentation to complete your business purchase
- Defining and negotiating the terms and conditions of the purchase
- Negotiating and executing contracts related to the purchase
- Developing a new organizational structure for your business
- Establishing any additional entities
Contact a Top Miami Business Law Firm for Expert Counsel
Frequently Asked Questions
South Florida Business Attorney Brett Trembly addresses commonly asked business law questions in his Video of the Month series. If you have any questions for us, or if you need immediate legal assistance, please contact us today.
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Stronger Contracts
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This report provides general tips and insights regarding business contracts. If you are looking for specific legal assistance for your business and/or its contracts, please contact us today!
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