Buying a Business/Professional Services Firm

Owning and operating a business, being your own boss, is an inextricable part of the American Dream. It’s no coincidence that a particularly common mantra for politicians—both Democrat and Republican—is “small business is the backbone of the American economy.” And it’s true. According to recent data from the Small Business Association, small businesses account for 99.7% of firms with paid employees.

The Benefits of Buying a Business

For many people, the most obvious road to business ownership is to start their own business. While this can be a profitable route, it takes time, money, effort, and some luck.

However, buying an existing business can provide the same financial and personal rewards of a startup, while at the same time offering a number of additional benefits, such as:

By opting to purchase a “going concern” business, you can avoid creating a new idea for a product or fighting for some small percentage of an industry’s market share.  A going concern business also has equipment, employees, and an existing customer base. For the most part, you can step right in and operate it.

The Process of Buying a Business

There are many steps to purchasing a business—there’s a reason we call it a process. In very broad strokes, these are the six steps to buying a successful business.

The Business Attorney’s Role

The process of buying a business requires multiple sets of skills. Your skill set is business acumen and entrepreneurship, which is an absolute necessity to run the business effectively. But you need a team of professionals to help you deal with the complexities of the transaction.

In particular, throughout the purchasing process there will be legal minefields to navigate. You could face intricate securities requirements, licensing terms, or complicated buyout provisions that require a skilled legal mind to manage. Going it alone can spell disaster for your deal or for its ultimate benefits to you.

Your business attorney will assist at every point in the transaction. Principally, he should be part of the initial offer, he should negotiate and prepare the contracts for the purchase to ensure that each document is legally sound, comprehensive, and reflects the unique aspects of your purchase, and he should close the transaction with you.

Let Alexander Business Law Help You Buy a Business!

When you buy a business, what you want is a legal advisor with real-world business experience, who can learn about and understand your business interests, and who will give you practical advice to help you accomplish your business objectives. Fortunately, here at Alexander Business Law, we are business lawyers through and through. Ed Alexander has advised entrepreneurs and business owners for over 25 years at every step of the purchase process. They have been involved in thousands of successful business transactions and have counseled both first-time buyers and strategic buyers. Ed Alexander is also a Florida licensed business broker and co-owner of FitzGibbon Alexander, Inc., a Central Florida consulting, business valuation, and business brokerage firm. We can work with you through the entire course of the purchase process to help you understand and mitigate your legal risks, negotiate and draft the transaction documents, and close the deal. Call us our offices at (407)649-7777 or email a team member today to let us know how we can help you purchase a business in Florida.

Your Path to Personal and Financial Freedom

Buying a business can be tricky. We’ve simplified the process. This book is your go-to resource to learn why buying a business is your path to success and financial freedom.

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