With so many potential pitfalls in the process, you need the expertise of a top Queens business sale attorney when you’re on either side a business sale. Buyers are assured to have the best outcomes, while sellers rest easy knowing they’re getting the best offer. In the five boroughs of New York City, as well as in Suffolk and Nassau counties, rely on an expert selling business attorney at Albert Maimone & Associates, P.C. Call them before you begin negotiations and get a response within 48 hours. They live up to their motto: Helping clients get the results they need.
Why Is a Business Sale Attorney Necessary When Buying or Selling a Business?
When selling a business, a lawyer is a helpful partner, ensuring you receive the maximum amount possible in the sale. A good lawyer helps you finalize the price and negotiate payment terms so that no assets are unaccounted for in the end. A selling business attorney helps you make legally sound decisions that are strategic and proactive throughout the selling process.
Purchasing a business can be a rewarding and lucrative venture. With the assistance of a business sale attorney, you can monitor the process, make sure everything’s in order and know you’re covering all pertinent topics. The Albert Maimone & Associates law practice provides you with one of the best selling business attorneys in Queens, NY to draft negotiations, finalize sale agreements and provide the financial statements necessary in a business sale.
What Do I Need to Know Before Purchasing a Business?
Before going all in on your new business venture, consider a few very important details. You need to have an initial Letter of Intent, which is a preliminary document outlining the terms of sale to act as a template for the rest of the process. Other financial documents, including a tax history, is also required to prove a background of financial security.
Consulting a selling business attorney throughout your purchase keeps you on the right track. Your College Point, Queens attorney guides you in the process so you’re prepared with essential information, such as:
- Reasons for the sale. If you’re taking on an existing business, it’s best to know the reason why it’s up for sale to avoid becoming responsible for any lingering liabilities. Go in with a plan to repair the reasons the business went up for sale in the first place.
- Give yourself as much time as possible to prepare financially and legally to make sure the transition of ownership is a smooth one. A well thought-out and organized business plan shouldn’t be rushed when you have so much on the line.
- Financial statements. Tax returns and income reports must be presented at the time of purchase to prove that you’re financially capable to own the business.
- Non-disclosure agreements. You may be asked to sign an NDA to receive in-depth information of the business’s operational processes, trade secrets and pertinent customer information.
What People Say
I have used Mr. Albert Maimone for various legal matters. He is great to work with, very efficient, always makes time for his clients. I would highly recommend him to anyone looking for a Real Estate Attorney.
What People Say
I used the Law offices of Albert Maimone & Associates, P.C. located in Whitestone, NY for numerous legal matters this past winter. Mr. Maimone was professional and courteous. He helped me plan my mothers Estate and helped me Sell my home in Whitestone, NY. I would recommend Albert Maimone & Associates, P.C. to anyone in need of an Attorney. He has a client for life.
What People Say
Awesome service! Simple and to the point! They don't beat around the bush. I will definitely go back to them for any legal advice and services that I might need in the future. Highly recommended!
What Should I Look for in a Buyer of My Business?
Selling your business can be a very personal experience underneath all the paperwork and legal formalities of the sale. Find a buyer who’ll keep the integrity of what you started intact, while at the same time bringing fresh new ideas to enhance it and maybe even expand it.
When trying to find a buyer, your NYC lawyer guides you through the necessary vetting processes. A few key attributes of an ideal buyer of your business may include:
- Financial security. If a potential buyer is not prepared with financial history documents or if they come with a history of unpaid loans or liens, the business is more likely to run into trouble from the start.
- A willingness to negotiate. There are many back-and-forth situations that go along with the sale of a business. It’s a good attribute of a potential buyer to be willing to negotiate throughout this process.
- A qualified advisory team. A promising buyer will also have a team of lawyers and advisors on their side who are able to work with your counsel in a productive way.
- Previous ties. Although not possible in all situations, selling to someone you know makes it easier to trust that they’ll carry your integrity with the new business.
How Can I Determine the Value of My Business?
Business valuation can be complicated., so it’s best determined with the help of a business sale attorney. You want to make sure that your asking price is appropriate for what the business is worth. The price should leave you with a profit without misleading the buyer into thinking the business is worth more than its actual value.
When determining the amount of the sale, there are many factors to consider, including how the value has increased or decreased during your time of ownership and what caused this fluctuation. An appraiser can help you with an appropriate valuation to draw up a detailed summary of what the business is worth and why. A few things to consider when determining the value of your business include:
- Existing debts and liabilities. If you’re selling your business along with its debt, it may be more difficult for a buyer to affirm a sale.
- Customer base. A regular and consistent customer base is an asset in determining your businesses value. A business with a built-in clientele is more attractive to a buyer.
- Employee retention rates. The business will be more valuable if its employees have a low turnover rate. This also makes it a little easier for the buyer of the business to know that trusted, hard-working employees are already in place.
- Opportunity for growth. If you’re selling a business before it’s reached an expected peak, it's worth more than a one that’s failing. The business’s value increases significantly if you can prove a steady profit income that has the capacity to grow further.
What Are the Advantages of Purchasing an Existing Business?
Although the purchase of any business is a complicated process, it’s easier to manage when the business is already established. Taking over an existing business provides you with an already established customer base, existing employees and a past road map to reference when making new decisions.
Contact a top business sale attorney at the boutique law firm of Albert Maimone & Associates if you’re looking into purchasing an existing business or attempting to sell your established business for the best price. These top-notch lawyers review all aspects of the sale, so that both buyer and seller leave with the most practical deal. These lawyers also ensure the business does not suffer as a result of a change in ownership.