Considering Purchase of a Business
Buying an existing business is a common and effective approach to expanding market share or entering into a new market.
Business purchase transactions, commonly referred to as mergers and acquisitions are usually complex regardless of whether you are the buyer or the seller. While a seller may be intimately familiar with the operations, finances and available market of a business they have built themselves, an outside buyer must take care to do all the proper due diligence prior to purchase.
As a buyer, you usually given a limited time to evaluate and appraise every important factor of the business under consideration for purchase. When the sale is completed, you will likely become responsible for any liabilities owed by the business purchased. If a critical detail is overlooked or the right questions go unasked before the transaction, you may obligate yourself to a business purchase agreement that ends up costing you more than the sale was worth.
One of the biggest mistakes you can make going into a business purchase transaction is to do it without the help and counsel of a lawyer. Imagine buying a business only to find out a couple of years later that you owe thousands of dollars in back taxes or debt. A business lawyer will guide you in identifying potential issues that may arise and address them in your business purchase agreement so that you may avoid these types of unpleasant surprises.
If you are considering the purchase of a Louisiana business or company, The Kyle Law Firm can help, give us a call at: 225-293-8400 to talk to an experienced business lawyer about your options.