Buying or Selling a business is one of the most important decisions a business person can make. Yet, too often these decisions are made without the assistance of a qualified business attorney. In order to prepare a business for sale, a business owner may need to update his ownership documents and make decisions regarding accounting issues as well.
At McKenzie Law Associates, we have a well-established relationships with a number of well qualified accountants, who are “Certified Public Accountants” or “CPA”. Every business owner looking to sell his business within 3 years should consult with a qualified business attorney and a qualified accountant in order to plan for an event of this magnitude. At McKenzie Law Associates we have the business law and contract expertise to advise the business owner on key issues in a business sale, and the drafting skills to be sure the transaction documented properly.
Similarly, if you or your business is looking to purchase an existing business or is considering a business opportunity, a thorough consultation with an experienced business attorney is crucial to the long term success of your business investment, At McKenzie Law Associates, we have assisted many individual business owners in the purchase of an existing business or business opportunity. One of the most frequently asked questions, “Should I purchase the stock or the assets of an existing business?” The answer is, of course, “It depends”. If a business acquisition target has existing contracts that represent major assets of the business, and the purchaser is willing to accept the risk of the target company having tax issues, the Purchaser should seriously consider a stock purchase transaction.
On the other hand, if the target business’ primary assets are a building and/or expensive plant equipment, and inventory, the Purchaser would be better advised to purchase all or a substantial portion of the assets of the business and assume certain specific liabilities associated with such assets. The legal professionals at McKenzie Law Associates can assist you in developing a strategy, for the investigation of the target business in a manner that minimizes the risk to the purchaser. Even if you are merely in the early stages of exploration of a new business venture or expansion of your business through possible acquisition of another company, give us a call, we can help.