purchase or sale of a business is an important milestone. For
the seller, the sale of the business often comes after years
of blood, sweat and tears building a successful business. For
the buyer, the purchase of a business often comes after much
diligent research into available business opportunities, due
diligence related to the business to be purchased, and significant
financial commitment and sacrifice. The process is easier when
buyers and sellers assemble a team to handle the transaction.
The "acquisition team" or "business sales team"
often consists of a business attorney, tax advisor (such as
a certified public accountant) and business broker. The services
of a certified financial advisor are often used as well.
The role of the business attorney in the business purchase
or sales process is generally to prepare and negotiate the
Asset Purchase and Sale Contract and other legal documentation.
The other documentation may include a Promissory Note and
Uniform Commercial Code Financing Statement and filing (if
the buyer will pay the purchase price for the business to
the seller over time). Consideration may also be given to
a Noncompete Agreement, Ongoing Training or Consulting Agreement
(if the seller will provide training or consulting to the
buyer after the sale of the business), or provisions in the
sales contract that cover those items.
Contact Peak Law Group's business lawyer in Portland Oregon
for more information or to start the process of buying or
selling a business!