When it comes to mergers & acquisitions transaction, it is extremely important to hire an attorney that specializes in business transactions. The personal injury attorney, real estate attorney, litigation attorney will not do. A business transaction attorney will have the proper knowledge and the tools to get the transaction moving in the right direction and handle any issues that may arise.
I have owned numerous businesses myself before becoming a business broker and unfortunately hired an attorney that was inept for business transactions. I ended up struggling and delaying the transaction and eventually lost the business that I was going to buy due to an attorney who was not equipped to handle the matter.
Also during a previous transaction, the buyer walked away from the deal because of constant delays and un-reasonable push back from the seller’s attorney. Both sides lost about $20,000 in attorney fees and I had to source another buyer for the transaction.
So please be wise and hire an attorney that specializes in business transactions. Another very important item to keep in mind is to make sure that you aware of everything that your attorney is doing on your behalf. Sometimes attorneys can be pushy and will not budge on their viewpoints, even though they are very minor. This causes delays, frustrations, financial loss and at some cases the deal dying.
We at GillAgency always advise our clients (before the due diligence starts) is if there is an impasse between the attorneys, is to get on a conference call between the seller and the buyer, including ourselves and hash out the differences. We have successfully been able to save plenty of deals by utilizing this avenue.
Feel free to visit our site at https://gillagency.co/how-to-sell-my-business-a-step-by-step-guide#Legal_Role for more info.