We have a the opportunity to buy a business by the end of the year. The business is currently with a broker and the owner would prefer to wait until the contract with the broker is over before she deals with us (he has not done much for her and we found out about her business through another source.)
This is all new to me and I was wondering if anyone had some good advice for us. Of course we will hire accountants to review the books and a lawyer to oversee the transaction. Wht else should we know! I am excited and nervous all at the same time!!!
Make sure to talk to your lawyer about an asset sale vs. a stock (or membership unit) sale. If you have a good lawyer, this should pretty much be the first thing the lawyer brings up with you. There are benefits and drawbacks to each, depending on the situation.