Purchases and Sales of a Business

Purchasing an existing business has its benefits. The business, lease, employees and customer base are already established, saving the buyer time and energy. However, a buyer should still carefully review the financial past of the business before taking any action. 

When deciding to sell your existing business, you must be ready to commit some time to organizing all your financial documents and getting the business in order.

You need an attorney to insure everything is in order for the sale. The attorney will also help you with any sales contracts.

What may be included in the sales contracts?

  • Financial arrangements, such as how the buyer intend to pay for the business

  • Description of the real property (real estate, building, etc.) if any, and the personal property (machines, furniture, etc.) to be transferred

  • The minutes of the business organization authorizing the sale (if the business keeps minutes)