Aside from price negotiations, there are many nuances that need to be paid attention to when buying or selling the business. It is important to safeguard your interests as a buyer or a seller by doing the due diligence, as well as making all the right representations to the other party while avoiding making representations and incurring obligations that may cause trouble going forward. Depending on the type of business, the primary considerations may include premises and equipment, or good will, or a well-established customer base, etc. Upon acquiring a new business, it is important to set all the policies and procedures for the new workplace, to update all the applicable permits and licenses. If your new business has employees, be sure to comply with all the wage and hour regulations.
Be sure to work with a competent attorney to guide you through the details of purchase or sale of a business. At Demidchik Law Firm, we have several lawyers with lots of experience handling different types of business transactions, as well as being in-house counsel for companies. We’ll be happy to help you!