Home Features Mastermind Videos About Advertise Blog Network Contact
   

Have A Suggestion?
Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
Have A Suggestion?

Featured Ebook


ebook Famous Entrepreneurs - Modern Empire Builders


Featured Ebook

More Evan Carmichael
Have A Suggestion?

Sales Lessons From Starbucks And Dell

Arranging Contracts



Arranging Contracts
   

Very small transactions With very small transactions a solicitor's fees could add a disproportional amount to the cost of acquiring the business. Very occasionally, in these circumstances, the business transfer agent will agree to act as an independent facilitator for the parties. The sale price would need to be small, up to an absolute maximum of $10,000, and the transaction very simple - possibly something like a low-key cleaning service or mail order business operated from home. There would need to be no property purchase or lease involved, or indeed any major assets at all, and the terms between buyer and seller would have to be very straightforward.

If you think your transaction falls into this category, and you do not feel able to do it all yourself, it may be worth asking the business transfer agent if he is willing to undertake this for you before approaching a solicitor.

Appointing a solicitor Solicitors are like many other professionals - there are horses for courses. A firm that is excellent for divorces or wills may have no experience with business transactions, and it is therefore important to ensure that the firm you appoint has the necessary expertise.

Although ultimately you are always protected by the Law Society against losses suffered due to the negligence or dishonesty of a solicitor, buying a business can be legally quite complex, so you need more than just that comfort. A good solicitor will ask all the right questions of the other side, will give you the best protection in the contract with the vendor (which will often be more complex than the standard one for buying a house) and will be able to give you good advice throughout the progress of the transaction. If he is commercially aware, he will be able to advise you on any detailed negotiation points with the vendor that arise during this stage - for example, what is included in the contract with respect to acquisition of stock. Therefore you need to ensure that you appoint a solicitor who has the right experience. If you do not know such a firm yourself, ask friends or relatives who own businesses, or ask the business transfer agent for a recommendation.

Make sure that the solicitor is aware of any valuation report or survey that you or your lender have had commissioned, and that he gets copies so that he can ensure that any recommendations for further reports or enquiries are carried out.

Contractual terms You will need to discuss with the solicitor the conditions that you have agreed with the vendor so that he can include them in the legal contract.

Arranging Contracts - To learn more about this author, visit Timur Sultanov's Website.

Like this article? Share it with your friends
[Get Copyright Permissions] E-Mail | Print | More  


Related Articles Related Articles
Plain English Guide To Contracts
  A contract is an agreement between two or more parties that creates an obligation to do or not do particular things. Contracts almost always contain the following essential elements:
Franchising Continues to Work Better Than a Stand-Alone Business
  A franchise business offers you the peace of mind, which a stand-alone business can’t. In a franchise business, you don’t have to start from the scratch, but can reap great returns from the very beginning unlike a s...
On Paper With Purpose Is A Sales Tip Worth Remembering
  Do you know what it takes to become what your capable of becoming? Well, you should know. It's up to you to reach for the brass ring. This article has one rock-solid idea on how to achieve your destiny in life
Rule of 3 not 2 not 4
  When arranging flowers, balloon bouquets, or business presentations, do you use the rule of three?
Dont let your clients move the goal posts Protect your company
  Large companies with purchasing power have been moving the goal posts and bullying their suppliers to accept new payment terms. Fightyourcorner advises suppliers to put in place good debt management systems to avoid...

Related Forum Posts Related Forum Posts
Legal Contract Tips Legal Contract Tips

 
About the Author
Have A Suggestion?

View Author's Blog
Become An Author

View Author's Video
Financial Loan for Your Business - EvanCarmichael.com expert Timur Sultanov discusses how to get a financial loan to start a new business. First step is to find a business that you think can be a heavy earner! Many people think of taking a loan as the hardest decision of their life.
Become An Author

Free Downloads


Timur Sultanov's

Complete
List Of
Buying-A-Business
Articles

First Name
Last Name
Email
 
If you enjoyed this article, get Timur Sultanov's Complete List of Buying-A-Business Articles For FREE!
Become An Author