Purchase and Sale of Business

Helping Businesses Grow For Over 25 Years

Purchases and Sales of Businesses

Buying or selling a business is a complicated transaction. At the Law Offices of Nancy L. Lanard, we guide you through each step, from the Letter of Intent to the Closing Statement. Once you have secured a buyer for your business or have found a business to purchase, our lawyers can help negotiate the legal terms. We draft your Asset Purchase Agreement or Stock Purchase Agreement. We can also draft such documents as:

• Non-disclosure agreement
• Letter of Intent
• Opinion of counsel
• Any exhibits to the purchase agreement
• Non-compete clause
• Corporate resolutions
• Escrow agreement
• Amended corporate bylaws
• Amended Operating Agreements
• Promissory note
• Security agreement
• Appropriate representations and warranties

Buy a Business

When representing a purchaser of a business, due diligence must be exercised prior to the closing. We try to have detailed representations and warranties from the seller. In addition, it is important to have a thorough review of all of the company's contracts and leases, employee records and benefits, customer information, supplier agreements and any other documents, as well as a lien search on the acquired assets,. We will assist with the assignment of the lease for the location and obtaining the consent of the landlord, or the review, revision and negotiation of a new lease. We can help you prevent the costly mistake of buying liabilities and risks for which you didn't bargain.

Sell a Business

When representing a seller of a business we make sure that our client's interests are protected, that the representations and warranties provided in the documents are appropriate, that the transaction proceeds smoothly and quickly, and that any excluded assets are protected.

We draft any documents that you will need for concluding the transaction. We also attend the settlement and issue a closing statement after it has been completed.

Buy or Sell an Existing Franchise Business

In addition to all of the above, selling or buying a franchise has some extra steps. If you are a franchisee who is selling your business, you need to secure the consent of your franchisor and your landlord. We will incorporate the necessary franchise related clauses and important contingencies into the purchase agreement to protect you.

If you are a franchisor, in addition to the normal business acquisition issues, we make sure that all of the franchise agreements are assigned. We also ensure that all post-closing liabilities and assets of the business, including obligations to franchisees, are transferred to the new owner.

We have more than 25 years of experience helping clients buy and sell regular and franchised businesses. Our clients appreciate that we provide high-quality legal work and prompt, responsive service. If you plan on purchasing a business or selling a business, contact one of our business attorneys at the Law Offices of Nancy L. Lanard, P.C. today.