Our clients often ask us if they should get an attorney to assist in the buying process. It is a good idea to have an attorney review your documents. However, make sure that this attorney is familiar with the process of buying a business. You will also want to select someone who can accomplish the process in a timely manner.
We have recommendations of qualified attorneys with ample experience helping buyers through the process. Keep in mind that while your we are extremely knowledgeable about the process, we can’t give you legal advice. On the other hand, many attorneys aren’t qualified to give business advice.
While, of course, you will want your attorney to look out for your interests, keep in mind that throughout the process the seller’s interests must also be protected. A seller’s attorney could instruct him or her not to proceed if it seems that the seller’s interests aren’t being considered. Obviously, any transaction should be fair for both parties.
If you are looking for additional information outside of an attorney and business broker, consider talking to someone who has owned his or her business for a significant period of time. This person can give you invaluable insights into how small businesses really work.
