Business Law
Business Acquisition Lawyers
When you buy a business, you want the best legal advice. That way you make a fair purchase agreement without unfair clauses, so you can receive the best value out of the deal. To find the best business acquisition lawyers in Miami, you need to know the process and what to expect in terms of legal advice and experience matters.
At Global Legal & Global Brokerage, our attorneys will guide you step-by-step during any Business Purchase or Business Brokerage process. We will provide guidance regarding the drafting and negotiation of purchase contracts for the purchase or sale of your business. We handle all transactions with careful planning and attention to detail. The state government in Florida requires a minimum of twenty-one documents to facilitate purchasing or selling a business. These include a non-disclosure agreement (NDA), engagement letter, purchase agreement, affidavit, resolutions, non-competes if the terms apply, letter of intent, promissory note, and security agreement.
When you buy a business, you want the best legal advice. That way you make a fair purchase agreement without unfair clauses, so you can receive the best value out of the deal. To find the best business acquisition lawyers in Miami, you need to know the process and what to expect in terms of legal advice and experience matters.
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In an acquisition or business purchase, the main steps are:
Letter of Intent
The first step is for company or individual “Buyer” and the “Seller of the business to prepare a letter of intent “LOI” or Memorandum of Understanding “MOU” that indicates that the basic offer terms of the agreement, such as price, time frames, financing, surviving clauses or contracts, employees and other main points.
Negotiations and Purchase Agreement
Then comes the negotiation period. This is a time where each party’s attorney gives its point of view and negotiates specific clauses to best serve the interest of the client. For example, the Buyer may want a non-competition clause or a certain amount of the funds to be held in escrow for a specific period of time to make sure the other party meets its obligations, etc. There can be a lot of back and forth in this stage. The attorneys will then put all the terms in a purchase agreement for the parties to execute.
Due Diligence
Once a purchase agreement is put into place, comes the essential phase of due diligence, carried out by the attorney and / or CPAs for the Buyer of the business. This due diligence period, which can last a few weeks and sometimes a couple of months, makes it possible to verify that everything is as presented. The attorney and / or CPA’s will verify the licenses, the leases, the employment contracts, the assets, etc. At the end of the due diligence period, the attorney will advise his client whether or not to continue the transaction.
Closing
Finally, the closing brings together the final steps in the purchase of the business merger Closing documents are prepared for the parties to execute.