Getting the initial offer to buy a business right is vital to ensure a smooth purchase transaction. Your best option is to have a business lawyer draft your letter of intent (LOI) to ensure it accomplishes the five goals of an LOI. Those goals are dependent on having certain provisions and sections in the letter. […]
5 Critical Sections for Your Letter of Intent Read More »
Of the various ways to divide partner equity in multi-owner businesses, the 50-50 partnership is one of the most common. In fact, many companies use the 50-50 equity division by default. And why not? It takes very little forethought and (at least on the surface) should make everyone happy. But just because it’s widely used
The Truth about 50-50 Partnership Structures Read More »
Partners in new multi-owner businesses all have to tackle the question of equity division. The “established wisdom” about how to divide partner equity is varied and much of it is short sighted. The last thing you want is to do is create long-term resentment because of how this process was done. We’ll dive into the
Dividing Partner Equity to Avoid Resentment Read More »
Someone once said to me, “Hope for the best, but plan for the worst.” I think this adage perfectly encapsulates my approach to business partnerships. At the beginning, everyone is excited about the potential and what the future holds. I will never want to crush that optimism, but my job is help business owners protect
How Tough Conversations Lead to Stronger Business Partnerships Read More »
Many first-time business buyers are shocked at how little information they receive about a business in the early stages of the buying process. And yes, it’s true that the financial information isn’t going to be all-inclusive. But financial information isn’t all there is to know about a business. You can and should use all (legal)
How the In-person Visit Fits into the Business Buying Process Read More »
I can’t tell you how many times I’ve heard first-time business buyers tell me that they were shocked that they didn’t get to look at more financial and business information before they were expected to make an offer. On the one hand, I certainly take their point. It’s true that the financial information you get is
5 Questions to Ask During the In-Person Visit (+3 bonus questions!) Read More »
The lawyer population is aging. In 2005, 34% of lawyers were over the age of 55, and that number will continue to rise. We may even be witnessing a legal “senior tsunami.” What this translates into is a huge number of lawyers that will be transitioning out of their law practices in the near future.
The Right and Wrong Exit Strategy for Your Law Firm Read More »
There is an insidious misunderstanding that I hear from attorneys, which leads far too many in our field to lose out on capitalizing on the years of hard work they’ve spent building up their firms. Despite what rumors, gossip, or “veteran advice” you hear, you are absolutely allowed to sell your law firm! In 1990,
Can You Sell Your Law Firm? Read More »
You know that the old saying: “You can’t buy something until you’ve found it.” This adage holds true for a business as well. Even if this sounds pretty straight forward, the simplicity is deceptive. Businesses don’t hang “for sale” signs in their windows. And even if they did, finding a business that’s for sale isn’t really
The Secret to Finding the Right Business to Buy Read More »
Buying a business is a time-consuming process with many steps that require different skills. To complete the process properly and efficiently you will need a team of professional advisors. I often compare it to the movie Ocean’s 11, one of my favorite heist movies. If Billy Ocean had tried to rob that casino by himself, he
Let a Business Attorney Handle Your Business Purchase Read More »
