Legal Struggles While Buying or Selling a Business

Transcript

Andy and Jessica are diving deep into the struggles that can arouse while buying or selling a business. First of all, having the right legal partner is crucial for a successful transaction; that is the reason why two great legal agencies are joining the conversation today to share their expertise and what is that you have to expect in a deal.

One of today’s guests is Jonathan Langer, from Izbiky and Associates, who is a specialist in small and mid-size business transactions, assisting more than 100 deals per year. The other knowledgeable guest joining Andy and Jessica is Deborah Carman, from Carman Law firm, who has been working along with Transworld Business Advisors for many years, playing a critical role in successfully closing good deals for good people.

Listing of the week: Thomas Milana (South Florida). Mine. 640 acre or 1 square mile property located Southeast of Fort Myers, sand and gravel mine. The property has about 8 million tons of sand and 600 million tons of rock reserves available. Price: $15 million. One million dollars worth of heavy equipment. Call Thomas at (561) 702-6867 or email [email protected]

Key Takeaways

[6:30] Jonathan Langer, from Izbiky and Associates, Colorado.

[6:42] Jonathan shares examples of legal issues that buyers should be prepared for.

[10:19] Everything starts with a letter of intent; Jonathan shares other documents that could be needed in a deal.

[11:48] The biggest risks while buying/selling a business and how to protect yourself from a legal standpoint.

[20:04] There are different market terms for each transaction.

[21:05] Jonathan explains the issue of different style alignments.

[22:36] Look for an attorney who is according to your market segment.

[25:26] Deal of the week: Al Fialkovich (Colorado). Janitorial Company that has been in business for over 30 years. The buyer doubled their size with the acquisition. Sold for $3 million. SBA loan and seller carry.

[27:20] Deborah Carman, from Carman Law Group and Firm.

[28:06] Why does a seller need an attorney?

[33:50] Choose an attorney who knows about business transactions to protect you as a seller.

[36:10] The importance of being honest with your attorney.

[38:37] Deborah shares an example of a deal where family issues got in the way of selling a business.

[40:05] Listing of the week: Thomas Milana (South Florida). Mine. 640 acre or 1 square mile property located Southeast of Fort Myers, sand and gravel mine. The property has about 8 million tons of sand and 600 million tons of rock reserves available. Price: $15 million. One million dollars worth of heavy equipment.

Mentioned in This Episode

• The Deal Board Podcast
• Transworld Business Advisors
• Transworld on LinkedIn
• Transworld on Facebook
• United Franchise Group