Legal Considerations of Buying a Business.
The legal considerations of buying and selling a small business with Danya Shakfeh, a mergers and acquisitions attorney.
Attorney Danya Shakfeh shares insights and general guidelines, from a legal perspective, about buying or selling a small business. We discuss some of the legal considerations that apply when we are buying or selling a small business, and how to hopefully avoid some common mistakes.
Danya Shakfeh is a Business Law attorney and founding attorney of Motiva Business Law based in Oak Brook, Illinois, and an office in Tampa, Florida as well.
She helps clients get deals done so they can focus on their dreams. Her practice focuses on mergers and acquisitions, franchise law, contracts, and corporate startups.
Danya Shakfeh has been practicing business law for over a decade. She is well-versed in strategic business structuring, contracts, business strategy, franchises, and negotiation.
Danya is an award-winning lawyer who has also been published in multiple journals. She believes the law should be accessible and easy to understand, is a fierce advocate to her clients, and aims to guide every client toward solutions that protect their businesses long-term.
[LEGAL DISCLAIMER: Please be sure to seek your own legal guidance from your attorney before taking action on anything shared in these episode. Please read our full Disclaimer.]
Legal Considerations of Buying a Business:
- What is your recommended process for buying a small business:
- Initial exploration with Seller and/or broker
- Sign NDA
- Review disclosed materials.
- Research
- LOI
- What is the value of a non-binding LOI?
- Due Diligence
- What is Legal Due Diligence and what should be included in this process?
- Purchase Contract (and Seller Note)
- Transition of the business
- When should I engage an attorney to help me with the legal considerations of buying or selling a small business?
- Who should draft the Purchase Contract?
- Assets versus Entity Purchase?
- Compliance and Licenses for small businesses.
- Inheriting existing contracts (vendors and employees)?
- Should I include a Non-compete as part of the purchase contract?
- Tax implications.
- Liability implications of buying or selling a small business.
- What are a couple of common legal mistakes business buyers often make?
Episode Host: Henry Lopez is a serial entrepreneur, small business coach, and the host of this episode of The How of Business podcast show – dedicated to helping you start, run and grow your small business.
Resources:
Books mentioned in this episode:
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- The Power of Habit: Why We Do What We Do in Life and Business by Charles Duhigg
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