Buying a Business
You've identified a business in Washington you'd like to acquire. Perhaps they are competitors with your business. The other business may offer a service or product that would complement your existing business. Perhaps you simply have the capital and see the profit potential in the business.
Buying a small business is a complicated matter. Any detail left uncovered could balloon into a significant issue that could sink the business, and possibly take your existing business with it. It is important to go in with eyes wide open.
Washington Lawyer for Buying a Business
A diligent, thorough attorney can help you throughout the process of buying a business, assisting you in acquiring the enterprise with as few headaches as possible. Joyce Schwensen is a Washington business lawyer who can represent you and your company during the purchase of a business. She will carefully review the transaction, and can negotiate on your behalf. Call Law Offices of Joyce S. Schwensen today at (206) 367-1065 to set up a consultation to discuss buying a business.
Joyce Schwensen is based in Seattle, and represents clients throughout King County and Washington State, including in Kent, Renton and Bellevue.
Information on Purchasing a Business
- Due Diligence in Washington Business Purchase
- Making the Decision to Buy a Seattle Business
- Find an Attorney to Help You Buy a Business
When you buy a business, you are purchasing something with a history. Sometimes, that history may come back to bite you once you are the new owner. It is critical to understand everything you can about a business before you buy, because you might be taking on liabilities of the business you are buying.
For instance, the business might have unpaid tax obligations, or have outstanding fines from a regulatory agency. It is critical that when you buy a business you have a thorough understanding of their past practices.
The process of discovering everything knowable about a company you are purchasing is called "due diligence." Careful due diligence can help you avoid unpleasant surprises. This will include going through the company's books and inventory, and examining all outstanding debt and existing contracts.
The due diligence process can turn up information that may make you change your mind about buying the business. In many cases, it will affect the price you're willing to pay. Price is an aspect that is usually negotiated. Your Washington business lawyer can negotiate with the company owner's representatives on your behalf to seek the best deal possible.
The agreement, and the financing of the purchase, must be carefully worked out, and important details should be included in the purchase and sale contract. Will the former owner have any role in the company, such as management? Are there any part-owners who retain an ownership interest, and what will their role be? What assets, including intellectual property, are you taking, and what is the former owner taking with him or her?
Depending on the nature of the transaction, of the business you are buying or your business, substantial regulatory supervision and/or approval may be required. You attorney can represent you to the relevant government agencies to advocate for approval of your proposed purchase.
If you are buying an existing business, there are many important legal issues that should be sorted out as you proceed. Washington business lawyer Joyce Schwensen can help you work out those issues so that the transaction will go as smoothly as possible, and so you will come out of the transaction in the best possible shape. Call Law Offices of Joyce S. Schwensen today at (206) 367-1065 to set up a consultation to discuss buying a business.