Exit | Operate | Acquire | Start

Business owners often tell me that they are resigned to closing their doors when they retire because they don't think anyone would be interested in buying their business. Many small business owners assume their business isn’t “big enough,” “interesting enough,” or “profitable enough” to attract a buyer. It’s a common and an understandable reaction. After all, you’ve spent years keeping the doors open, attracting customers, solving problems, building brand recognition and good

You've invested a significant amount of your life building your business. You've reached a point where you want or need to sell it. You might be ready to retire, your health may not be able to support the time and stress required to run a business, or you may be ready to move on to another opportunity. How do you find someone to buy your business so you can extract the wealth you have created? Who Might Buy Your Business? Small businesses attract potential buyers in the follo

The Issue : Off-the-shelf Operating Agreements don't contain provisions to help resolve three common challenges. Owners will spend a lot...

Explore legal issues of a business breakup caused by a deadlock among owners

Federal law requires employers to notify workers that their non-competes are no longer enforceable

Businesses subject to the new FTC non-compete rule must (1) no longer use post-employment non-compete agreements, (2) provide notice to workers who have existing non-compete agreements that those agreements are now unenforceable, and (3) not enforce existing non-compete agreements against workers.

I've heard some frustration from searchers, investors, and advisors about working with seller's lawyers. Most of that frustration seemed to come from sellers using lawyers who have little to no experience in small business purchases and sales.

A closing date in a contract is a goal to work toward, but you should anticipate that it will likely be extended to a later date because the buyer, seller, and their teams need time to complete all the tasks related to closing.

What you can expect of a business lawyer when buying or exiting a business. Business lawyers manage the many tasks that need to be accomplished before closing such as: drafting and reviewing legal documents, developing negotiation strategies and negotiating the terms and conditions of the legal documents, coach/advise clients through the process, and project managing the process to get you to closing your deal.

Sellers often ask if they can get their costs and expenses (e.g., accountant's fees, attorney's fees, etc.) paid or reimbursed if the sale of their business doesn't close. The answer depends on the timing of the termination, what the legal documents say, and what's customary.

Some provisions in a letter of intent should be binding, while others should not, and the letter of intent should clearly indicate which are which.

Seller financing is common in many small business sales, and many small business sales might not happen without it, but a seller should be diligent in its consideration of whether to agree to it. Here are some questions sellers can ask when making that decision

Contracting parties should take into account and resolve to be ready to incur and pay the costs of enforcing a contract, including the costs of preparing a well-drafted contract, the costs of responding to a breach, and the costs of filing a lawsuit and negotiating a settlement to the dispute.

Technically, the law does not require you to use an LOI, but here are some things to consider when determining whether to do so.

Three things to look for in a lawyer when buying or exiting a business: An M&A lawyer needs to be a good project manager, able to filter and rank issues, and be adaptable.

You might think that the lower the purchase price of a business or real estate, the lower the legal fees. But here's the thing: most transactions require the same amount of legal work, regardless of the purchase price.

You might be asked to sign a confidentiality or non-disclosure agreement if you are exploring the purchase or sale of a business, a joint...

You may hear and see a lot of trendy advice about creating your LLC or corporation in a state where your business is not located, like...

I serve as a Registered Agent for many Virginia limited liability companies and corporations. I'm often asked the following questions...

Last week, Domenic Rinaldi interviewed me about my book, Here's the Deal: Everything You Wish a Lawyer Would Tell You About Buying a...