The Basics of a Business Purchase Agreement

December 21, 2020 7:48 AM | Judy Pfeiffer (Administrator)

Written by Live Oak Bank 

During the sale of a business, both the seller and buyer must follow a certain legal process. After signing a letter of intent and completing due diligence, a business purchase agreement marks the official start to the legally binding transaction of a business. This agreement requires the buyer to purchase the business according to the terms and price outlined in the agreement. These documents can be lengthy and full of legalese, which is why an experienced attorney should create the purchase agreement.

Purchase agreements are complex but typically have several standard sections. The biggest takeaway on purchase agreements is this: while it’s ideal to let an attorney handle the terms and conditions it’s not a bad idea to have a general understanding of each section, as we’ve outlined below. Both parties should understand what they’re signing, so leverage your professional team to help you translate some of the legal jargon and technical language.

To read the full article please visit:

https://www.liveoakbank.com/small-business-resources/the-basics-of-a-business-purchase-agreement/


Comments

  • December 29, 2020 1:28 AM | Harrison Hood
    There should be an agreement between the buyer and seller for the safety purpose. And you can get help from the site https://www.toppaperwritingservice.com/review-cheapwritingservice-com/ to make your business more secure and successful. If there is some misunderstanding then you would be able to claim your right. So everyone should have an agreement in every deal.
    Link  •  Reply
  • January 05, 2021 4:53 AM | Richard Parker
    The design of these vintage beads jewelry is looking so adorable. I saw many of them, but these are similar to one which https://newcastlestaircases.com.au/ can be used on regular basis. Is there any online store which can offer us facility to buy them?
    Link  •  Reply


Midwest Business Brokers and Intermediaries (MBBI)
1018 W. Madison St. Suite 9
Chicago, IL 60607


Events & Membership Phone:

Illinois: 847.847.7703 
Wisconsin: 262.893.8691


        

©2020 MBBI | Midwest Business Brokers & Intermediaries. All Rights Reserved.

Powered by Wild Apricot Membership Software