What did your lawyers do to help you? Or what do you wish they did?

January 16, 2020

by a searcher from Ohio State University in Columbus, OH, USA

I'm looking for a few people to talk with who are searching and a few people who have been successful in closing purchases.

We're building a legal and consulting package to help with the search-and-purchase process and I'm trying to figure out the most critical, helpful components. Bonus points if you're younger than a Boomer, because this particular offering will be targeted at people buying from retiring boomers. (Odds are you'll see our banners on this site before too long.)

I'd appreciate anyone who can spare 10 or 15 minutes to talk about your experience and what went (or is going) well, what went poorly, and what you wish you had. FWIW, in exchange for your candor I'd be happy to kick around any legal issues that may currently be on your plate.

Let me know here or email me at redacted

Thanks so much!

Reply by an investor
from Vanderbilt University in Riverside, Greenwich, CT, USA

I would have liked help understanding the realities of the legal process when thinking about how we structured contracts, operating agreement, employment agreements, etc. For example, what is the reality of the situation if someone comes after you the business post acquisition for liabilities that were not assumed (even if you created new LLC, etc). How will the legal system treat them - how much weight will they put on the fact that there was an acquisition and new entity even if the business is continuing operations under the same trade name, etc.? What are potential costs, timeline for fighting those claims? If the worst case scenario happens and you are forced to pay out on liabilities you didn't assume, how will you go after the previous owner who should have taken care of liability?

Reply by a professional
from Villanova University in Lancaster, PA, USA

Company structures, shareholder agreements, purchase agreements, credit agreements... unless you're well versed in these topics & have tons of experience, you need professional advice. The best attorneys listen and craft unique content that is targeted to your interests & can guide regarding what's fair/typical, where to push, where to give. Talk to a bunch of potential advisors & pick that one you're most comfortable with, has relevant experience & matches you culturally.

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