Step 1: Identify the business you are seeking to purchase.
Step 2: Contact us to arrange a meeting. We’ll listen to your plans and do our best to give you an estimate before you hire our firm.
Step 3: Negotiate with the seller and sign a term sheet (also known as a letter of intent).
Step 4. Conduct due diligence on the business you intend to purchase.
Step 5: Negotiate the purchase agreement with the seller.
Step 6: Close the sale, and start your new business!
Our attorneys bill at an hourly rate of $250, and our paralegal staff bills at an hourly rate of $125. Before commencing any work, we first meet with you to determine whether we are a good fit and to discuss a general estimate of fees for the project. Businesses in heavily regulated industries tend to require more work due to the need to review additional contracts, and to ensure that the sale complies with the applicable regulations.
It’s unlikely that there will be additional costs, although you may have some minimal filing fees with state agencies, depending on the nature of the business being acquired and how it is regulated.
We’ve found that the amount of time needed depends on how quickly the buyer and seller exchange the information they each need from the other, and how willing they are to cooperate with each other. We’ve helped clients close a purchase in as little as a few weeks, while other purchases have taken up to a year. We’ve found that a failure of the parties to expeditiously disclose relevant information is a key factor in drawing out negotiations.