Legal Question in Business Law in California

Re: re: Buyer & Seller Agreement

It shouldn't be too hard to find a lawyer with experience in writing contracts for the purchase and sale of businesses. Having said that, I think there are some "How long is a piece of string?" aspects to your question. One cannot know how long it will take or what it will cost before asking a bunch of baseline questions, which would include:

1. Is this just the sale of a business in leased space, or is real property included?

2. Have the buyer and seller already agreed upon terms, so that only documentation services are required of the attorney, or do the price and other major terms need to be negotiated?

3. Can one lawyer represent both parties, or do both buyer and seller need representation?

4. Will it be an all-cash sale, or is the seller carrying paper? If the latter, what security is the buyer able to put up?

5. Are there employees? A union contract? Major supplier or customer contracts?

6. Is the business sufficiently solvent so its obligations can be paid or at least provided for by the outgoing owner, or will the new owner have to assume and guarantee them?

7. Are there licenses, such as a liquor license, that must be transferred?

8. How much due diligence should the lawyer do, or insist be done, to protect his client against the usual skeletons in the closet?

Et cetera.

Find a lawyer with substantial prior experience in sales of businesses and expect to pay no less than $2,000 for the most basic services, such as plugging new names into a word-processor form agreement and some basic fact-checking, to maybe ten or more times that if the attorney will be involved in negotiations and/or due diligence.

Re: re: Buyer & Seller Agreement

Please contact us directly for fees. We would be honored to assist you this matter.

Warm regards,

Kristin Kirkwood

Paralegal

Law Offices of Karla Shippey

Re: re: Buyer & Seller Agreement

Mr. Whipple is correct. There is no form or contract that is fill in the blank that is likely to be suitable - each situation is unique and thus the advice, counsel, and yes, also the drafting and negotiation skill of the business attorney retained will come into play. Not hiring an attorney will probably result in mistakes equal to or greater than the cost of the legal fees, but of course that would vary from case to case, as would the legal fees, in question.

Re: re: Buyer & Seller Agreement

The varibles and protections required for such an agreement requires an individually drafted agreement. 19 years experience. Contact me directly.

Re: re: Buyer & Seller Agreement

Sure. He needs a comprehensive buy-sell agreement with additional terms and documents typical in business sales to protect himself. Feel free to contact me if serious about doing it right. There is no magic, just diligence required.