4 Reasons Why You Need a Lawyer When Buying or Selling a Business

4 Reasons Why You Need a Lawyer When Buying or Selling a Business

Selling or buying a business is one of the most complex endeavors when it comes to the world of entrepreneurship. The never-ending labyrinth of contracts, negotiations, and last-minute changes make it nearly impossible to complete a sale under all the predetermined conditions. Luckily, the vast majority of difficulties can be avoided if one has a qualified lawyer working for them.

1. Preliminary Negotiations

First, every business that is on the market will have to attract a serious buyer. That includes any individual that has a clear intention and the necessary funds to engage in such a purchase. Once the two parties have connected, the preliminary negotiations will begin. This is where the seller discloses what price that they have in mind and the buyer determines if that offer is in the neighborhood of their financial capabilities. So, how can a lawyer help with something that appears seamless? Well, a lawyer has access to many tools that will help with the valuation of the business. Also, if one is to work with seasoned companies like Lawyers of Distinction, per se, they will obtain a professional that has aided dozens of clients in similar situations. Thus, they will be able to recognize any outrageous offers that do not properly reflect the business in question.

2. Legally-Binding Offers

At some point, the preliminary negotiations that have no legal implications will have to evolve into legally-binding contracts. As seen in a popular Supreme Court of Virginia case from 1954, Lucy v. Zehmer, even a signed napkin with the terms of sale is enforceable in court. Although businessmen have no lack of expertise when it comes to management, investments, and finances, they may come short in the area of applicable laws and court-set precedents on contracts. This is one of the most important things that a skillful lawyer can be helpful with. A party that is buying something and has an attorney will avoid making offers that were expressed as jokes. Similarly, sellers absent legal representation could severely undervalue the business and be unable to recoup the true market price after a simple handshake. Thus, a lawyer that has worked with other clients in these situations will know what to look for in order to avoid any malicious intent.

3. Contracts Can Become a Nightmare

When a person decides to draft a contract, there are thousands of minor details that have to be addressed. The most important factor is usually something called “consideration”. In legal waters, it represents anything that a party will receive in return for their payment. Thus, someone receiving a $1,000 for the new iPhone can say that the consideration is the phone itself. Importantly, however, the consideration does not have to be money-based as one can quantify it in services performed or other assets used in exchange. For instance, one party decides to give away a laptop in return for someone doing their taxes. The consideration here would be the laptop and the accounting services performed. So, what happens when a business is being sold with many outstanding liabilities and someone is trying to buy it with stocks or long-term assets? In simple terms, it turns into a contractual nightmare. The easiest way to fix the issue is to look for attorneys that possess credentials like Lawyers of Distinction. These professionals will know everything from simple contract phrasing and signature positions to complicated provisions that have to be separately stated and signed.

4. After-the-Sale Issues

Even when a party has gone through the transaction and established a legally-binding relationship with the seller, their endeavor is still far from over. On the contrary, most court cases arise as a post-sale dispute given birth by undisclosed information. For example, someone finds it unnecessary to mention all the creditors that have claims to the assets of the business due to overdue payments. As a result, there could be foreclosures and repositions after the new owner takes charge of the business. Although that is a fairly simple matter that will lead most courts to give a verdict in favor of the innocent buyer, these proceedings take months. One way to gain protection from such twisted yet common dealings is to hire a lawyer who will follow up on every contract sentence, claim, and everything that might have been left out. Owners often sell companies that are undergoing heavy litigation for malpractices. Usually, a lawyer will find such information a lot faster than an unfamiliar buyer that may not even know where to look. The outcome? One will be able to rely on a Bar-certified professional to guard them against scams.

Finally, an attorney will provide both the seller and the buyer with a peace of mind as they will be assured that everything is within the boundaries of applicable laws.

Recommended Ways To Fund Small Businesses

As a startup or small business, access to funding is a major barrier that stands between the business and success. It can prove challenging to obtain funding if the business has not made any strides yet, and this is also the reason you need to think about ways to access funding other than pursuing traditional funding options that could otherwise prove too costly to go with, apart from the fact that you might be rejected many times. Here are alternative lending options that small businesses will find effective and easy to go with.


Crowdfunding was made popular by several sites including Indiegogo and Kickstarter, and many small businesses have benefitted through this form of raising capital. Basically, crowdfunding is a process where a business requests funds or small investments from friends, relatives, or strangers who help it access funds to implement important ideas. The benefit of this form of funding is that it is like getting funds through goodwill and you will not need to worry about piling up of interest. Obviously, a small business that is not stable yet will find this way of funding ideal and easier to go with.


If your business is not able to access funding through a traditional bank, then going for micro-financing could look better. Micro-financing is where a business offers financial services to people of low income, and you could lose your business as belonging to this category to access funding from micro-financing institutions. The biggest incentive towards this form of funding is that the interest rate is impressive and you are allowed an ample repayment period, which is something you will not easily accessible if you choose to borrow from a traditional bank.

Merchant cash advance

If your business is already operational and would like to boost production or spur growth, you could finance different projects through merchant cash advance. This is a system where you sell a portion of the future sales to a company or a customer who accepts the agreement. You simply exchange a portion of working capital with a lumpsum. Of course, there are benefits and risks that come with this method of financing and this is why you need to conduct more research to understand how to go about it to prevent scenarios where you take more than your business can repay, thereby risking losing more equity.

Venture capital

Venture capitals are not new and they have been great avenues for start-ups to finance their ideas. What venture capitals do is that they review the kind of business you have then come up with an assessment of future returns. If the returns prove to fall on the positive side, the venture capital then invests in the idea by offering capital and advice where necessary.

The focus of investors like Christopher Ligori & Associates who partner with small businesses through this arrangement is to make profits, and they will do what is required to get the business to succeed, so it is also a perfect opportunity to get expert support on matters like marketing and product design.

Everyone Needs A Mentor Like Todd Polke

Tod Polke MentorComing from a business point of view, everyone needs a mentor. It’s true that no one person let alone one business has ever been truly successful on their own. Everyone you can think of, from Thomas Edison to Einstein to Newton, Bill Gates to Steve Jobs. All these brilliant minds had a team of people and someone to guide them.

Todd Polke is considered a business guru and expert mentor for those who want to leave a lasting impact on the world today in hopes of making a better tomorrow. The work that Todd Polke does is said to be powerful in the lives of all those he works with. This isn’t just talk, the results speak, too! With a hundreds of people and entire organizations under Mr. Polke’s wing, his failure rate is only 2% which is truly incredible.

The goal of a mentor is to help as many people as possible and be as productive as he can be. Rather than investing hours of his time into one person or one company every day, Todd Polke set up a YouTube channel so he can give expert advice and guidance for free to as many people who dare to listen. This is what a mentor who knows how to manage his time looks like.

How to Create an Efficient System of Support for Business

boldleads-review-business-realFew businesses are able to enjoy a tremendous amount of success without having a strong system of support in place, although the type of support system can vary by a significant margin across differing industries. Determining the ideal typeof support system to put in place is a critical component in any strategy for long-term business viability, which is why business leaders must be entirely committed to analyzing the approach that is best suited to their company’s specific goals.

Businesses operating in the real estate industry are already quite aware of available systems of support, as a company like BoldLeads reviews the impact and efficacy of its wide-ranging practices to ensure that its clients are benefiting to the greatest degree possible as a result of utilizing the support system the company has put in place for real estate agents. Forleaders in industries other than real estate, it should be well understood that developing a network of support such as the one available to real estate agents through BoldLeads is a critical step to ensuring the long-term viability and success of their company

Ralph Slaske – The Man Behind the House

Ralph Slaske – The Man Behind the House

Starting out as an engineer, after building his own home, Ralph Slaske decided to leave the corporate world behind to break ground on his own home building business. Since its founding in 2005, Slaske Building Company has brought expertise and insight that is second to none.
As a member of Home Builders Association of Greater Toledo as well as The National Association of Homebuilders he has also become the only Graduate Master Builder in Northwest Ohio.
Mr. Slaske believes that customer satisfaction is the primary goal when designing each custom home home, his attention to detail and quality have earned him the Single Family Home of the Year from the Toledo Homebuilders Association.

Career Tips From Randi Glazer

Randi Glazer’s new book is a must-read for anyone contemplating a career in the underwriting industry. As an underwriter, Randi Glazer evaluated applications, determined the risk to the company and set customer’s premiums. It was a job that was constantly at odds with the sales department; therefore, her book has some interesting anecdotes.

Her book is also a good read for anyone who wants a glimpse into the inter-office conflict that is prevalent in industries where one department’s goal conflicts with another department’s goal. Randi Glazer’s experience as a female career professional is also highly informative; there are many aspects of a career, such as office politics and fitting into an organization’s culture that are not taught in college.

America Needs Small Businesses Like Slaske Builders

Business is the heart of any nation and as business grows, that nation grows with it. Take America for example. The lifeline of America is the small business, but with major corporations such Wal-Mart, small business is doomed. What does that mean for America?  Small businesses are absolutely crucial for building up the strength of the economy even if they don’t take in as much business and earn nearly as much revenue as a major corporation. What small businesses also do, is provide jobs opportunities. Slaske Builders is a great example of this and the way they build not only homes, but also the local economy and function  as the foundation for some of the largest corporations.

How exactly do small businesses improve the economy? Why should you give a local grocery store your business rather than going to Wal-Mart for your needs? Small businesses give strength to local economies by bringing the possibility to build and do more with the community. In a nutshell, without the small business as the foundation for everything to build on, America would collapse eventually because small businesses give support to other businesses and add balance.

Supplying employment opportunities are another way small businesses also help encourage growth of the economy. You wouldn’t go work for a major corporation at 17 would you? It happens, yes, but it is highly unlikely and very rare. Small business are the best place for you to start and get your introduction to the world by joining the workforce. The small business is also where you learn your first important life lessons to prepare you for big world and possibly working for that corporation. If there is a large business in the neighborhood, it can also reap the benefits of surrounding small businesses.

Jody Rookstool Offers Unique Insight Into Creating Additional Revenue Streams

Maximizing the potential revenue of a business is obviously a paramount concern, and the best leaders understand the importance of investigating every possible way to enhance existing revenue streams while also looking into ways to create new ones. According to Jody Rookstool, there are many businesses that are missing out on some very simply means for enhancing profitability. As the author of a travel book on Texas, Rookstool has intimate knowledge of some of the more interesting techniques employed by companies in the Lone Star State, though she has acknowledged that perhaps not all of these techniques are the kind that can be implemented on a widespread basis.

According to Rookstool, many Texas attractions are able to remain successful by embracing strategies that set them apart as unique and memorable. In many cases, businesses have commissioned temporary art installations that became so popular they remained a permanent fixture. While a financial institution would not likely benefit from the levity inherent in such a project, there are plenty of businesses in other industries that could enhance profits by welcoming an artist to create something weird and unique to draw the interest of visitors.

There is often little risk involved in such an endeavor, as it is fairly easy to find an up-and-coming artist who is more than happy to create something in exchange for nothing more than a large space in which the piece can be displayed. If the installation does not have the intended effect, it can be just as easily removed, with the only risk being the potential impact on the company’s reputation. Organizations that are interested in cultivating a fun and daring reputation among its clientele could certainly benefit from taking a chance on an art installation.

Self-Employed Businessman Peter Lik

If you have a service to provide to the public or for the public, you have a business. The better job you do, the more your business grows by word of mouth. Peter Lik is an example of a self-employed entrepreneur who has mastered his craft and his business thereby earning the title of a master photographer as well as the most wanted photographer in the world.

Of course like all business, he didn’t hit the ground running. Every person who demands more of themselves to be greater and leave behind a legacy faces many trials. The difference in a winner is when trials come, they push through them and do not quit.

Business Headache

I wake up every morning with a business headache.  The eye strain from reading all those reports is killing me.  Breakfast is a cup of coffee and three aspirinsuntitled (72) untitled (71)If you are in the same bout don’t worry it will get worse before it gets better.  The fact that you are even needing to read that many reports on your business is a good thing.  If your business was failing you would not have anything that needed reported on.  Just be thankful that you have a viable and growing business.  When you go to work and read nothing you will be looking for a job soon.  Home for Life Animal Sanctuary is a business in distress.