Should My Attorney be Involved When Selling My Business?

Sarasota County Business Broker | Manatee County Acquisitions

There are many aspects of running a business where a business owner can make decisions without the assistance of an attorney. Even a business startup has steps that can be performed by the owner, including:

pinellas county sell a business

  • Developing a business plan
  • Researching a name for a new business
  • Locking in a domain name for your website
  • Applying for a tax identification number
  • Arranging for necessary business permits and filing paperwork for them

These are some suggestions for activities that can be handled by a business owner. However, buying a business without an attorney shouldn’t be one of them. The legal aspects of a business purchase involve many decisions that an owner may not be aware of, and which could create problems in the future.

The key learning is it’s less expensive for an owner to use an attorney to prevent problems than it will be in the future to fix them if not found early. The terms and conditions of a business purchase can involve issues such as use of intellectual property (existing business name, websites, other trademarks), land and property issues, terms and conditions of the sale, and so forth. This is not the time for owners to personally handle these issues, particularly if they feel invested in the purchase and might be inclined to ignore what are felt to be minor problems. Owners should never think of any business sale issues as minor.

When it is time to buy or sell a commercial business, Hallmark Business Brokers can be your advocate for a successful transaction. Every business sale is different, and we will work hard to provide you all the needed information concerning a business of interest or when you plan to sell your existing business. Our agents will get to know you, and welcome interactions with your attorney as they become involved. Contact Hallmark Business Brokers today for a consultation