It’s always best to bring on an attorney early in the buying process because some decisions that are made at the beginning stages may have legal implications that could impact the success of your purchase. Moreover, from a practical point of view, it’s difficult to go back to a seller to renegotiate something once you’ve agreed to a particular provision. Therefore, when you are beginning the process of buying a business or considering providing a letter of intent on a business, it’s best to get an attorney involved to discuss the deal terms you think you are going to offer and review them with the attorney in advance.
Even if you’re farther along in the buying process, you should still get an attorney involved to help with legal due diligence and drafting the final transaction documents to avoid the legal landmines that surely lurk.
Learn more about the 7 stages of your business purchase.