Purchases & Sales of Businesses
AAAA Legal Center and attorney, Robert D. Mouradian, can be of assistance to you whether your are purchasing or selling a business in Michigan. It is important to retain an attorney at the onset of the transaction. It is important to do so because an attorney can help you protect your rights and can negotiate important terms and conditions. Once the Purchase Offer is executed the general terms of your agreement will be established.
There are many issues surrounding the purchase and sale of a business which require the expertise of an attorney. Some of these are very vital to the success of the transaction. In many instances a prospective purchaser will be purchasing the business from a seller and will have to negotiate lease terms with the owner of the building or take an assignment of an existing lease.
The long term success of this type of transaction may very well be dependent upon successfully negotiating lease terms. These lease terms can commonly involve the use of option periods. By using options, the prospective purchasrer will have a way to terminate its obligations under the lease at an earlier time if the purchaser so desires. Since the purchaser will have options available, the purchaser will be able to stay at the present location for a longer period of time if that is what the purchaser wants to do in the future.
It is imperative that the seller of the business have an attorney at the onset of the transaction. An attorney can help structure the transaction to limit the sellers exposure to future law suits and obligations. In addition, if the Purchase Offer is structured improperly, the seller may find that his rights to his own business are infringed upon as a result of a dispute regarding the terms of the Purchase Offer.
The seller should also be protected in the event a purchaser defaults during the contract term. Legal expertise is needed to protect both sides in these types of transactions
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Last modified: February 11, 2010