Business Sales and Purchases Attorney in Tampa Bay

Providing Quality Legal Representation Throughout the Entire Business Buying or Selling Process

If you are interested in buying or selling a Florida business, you must hire an experienced attorney who will protect your legal interests. Any business transaction can quickly become complex and challenging for individuals who lack legal training.

Venerable Law is a law firm passionately committed to providing individuals with the legal guidance they must have when selling or buying a business. One significant aspect that sets us apart from other law firms is that we take the time to explain the sales process to potential buyers and sellers to ensure they can make well-informed decisions.

If you want more information about buying or selling an existing business, contact our Tampa, FL, law offices and ask to schedule a free initial consultation today. A qualified legal team member will gladly answer your questions and provide more information about our services.

What are the Legal Advantages of Hiring a Business Attorney When Selling or Buying a Business?

Suppose you are considering selling or buying a business in Florida. In that case, you need a business attorney on your side who will act as your legal advocate to protect your legal interests. Often, buyers or sellers will rely on the services of a business broker when trying to facilitate business transactions. However, a business broker cannot provide the legal knowledge and protection a skilled lawyer can offer clients.

Some of the other key reasons why individuals should retain an attorney to assist with business purchases or sales include:

• Ensure that buyers or sellers are not taken advantage of during the negotiation process.
• Gather and review all relevant documents, such as financial statements.
• Prepare or review a potential sale, security, or purchase agreement.
• Preparing a separate consulting agreement if the seller agrees to provide the purchaser with training assistance.
• Estimate the value of all tangible assets.
• Provide legal guidance for seller financing or help with determining the purchase price.
• Prepare necessary legal documents such as asset purchase and non-compete agreements.
• Provide legal counsel for potential buyers during the due diligence process to ensure the feasibility of their business purchase.

Finally, one of the most significant advantages of hiring a business attorney is they can help the overall buying and selling process go more efficiently, saving you, the client, precious time, and money.

Therefore, it is always wise to have an experienced attorney on your side who will help you with your business, sale, or purchase. Contact Venerable Law and ask to schedule a free consultation so that we may determine your legal options.

 What is the Entire Process Involved With Buying or Selling a Business?

There are many processes involved in buying or selling a Florida business that are unique to each situation. Nevertheless, several basic steps must be followed before signing a purchase and sale agreement for an existing business.

Business Valuation

Both buyer and seller must obtain an independent valuation of the business before placing the business on the market or making an offer.

Preliminary Negotiations

Sellers and potential buyers enter preliminary negotiations to determine critical issues such as the purchase, sale price, or whether the transaction will be an asset sale where the buyer purchases the company’s assets but not the business’s legal entity.

Due Diligence

Florida law places the burden on potential buyers to ensure that existing business owners have paid all liens and taxes when buying a business. In this stage of the negotiation process, it is critical for buyers to have a business attorney who can thoroughly evaluate all financial statements and other relevant documents to ensure that the purchase is a wise investment.

Draft all Necessary Legal Documents

A business attorney will review all essential legal documents, such as the purchase and sale agreement, non-compete and security agreement, and promissory notes.

Pre-Closing Review

During the pre-closing review stage of the buying or selling process, both parties confirm they have completed all the required steps. Additionally, during this stage, a business attorney will confirm that all required licenses are in good standing and that all other legal obligations have been satisfied.

Why is Conducting Due Diligence Essential When Purchasing a Business?

When considering the purchase of a Florida business, potential buyers must conduct what is known as “due diligence,” also called the “inspection period,” to ensure they are satisfied and determine their investment’s feasibility. The due diligence process involves a comprehensive review of the following items:

• Financial records, including tax returns, determine the actual value of the business entity.
• Any potential liabilities, such as past legal action, liens, sales taxes issues, or judgments against the business.
• Ensure that after purchasing the business, the buyer can replicate the same degree of performance and profitability.
• Daily business processes involved successfully running the organization.
• Discern whether training is needed to run the business effectively.
• Determine if non-compete agreements should be included in the sale agreement.

If you need more clarification regarding due diligence, contact Venerable Law of Tampa, FL, and ask to schedule a meeting with our trusted business attorney, who can answer your legal questions.

What Makes Your Business Lawyer the Best Choice to Help Me Buy or Sell a Business?

A highly qualified business attorney can make all the difference in conducting a successful business transaction. Venerable Law is passionately committed to helping buyers and sellers protect their investments during the purchase process.

Our highly trained business attorney has 24 years of experience and can help you identify and solve potential problems before they negatively affect your business deal. For example, we can help business owners avoid seller financing by looking for innovative solutions to ensure their deals do not fall through.

No matter whether you are interested in purchasing or selling a business in Florida, contact Venerable Law at our Tampa, FL law offices at 813-680-4530 and ask to schedule a free no-obligation consultation today.