Whether buying or selling a business, having an experienced New York Business Law attorney by your side is essential. An attorney can help you assemble a proper team of experts, including a CPA, various contractors, business broker, or even a real estate broker. Deciding whether or not to buy or sell is not an easy decision. If you are frustrated and you absolutely hate going to your business every day, it may be time to sell. If it’s profitable, it’s probably time to sell now, as opposed to waiting until it’s not profitable and there is nothing left to sell. If you are purchasing, you need to know the specific legal requirements for owning a particular type of business in a certain area.
What Is Important In Regards To Setting Up Your Financing Before Buying A Business?
My firm has relationships with small business lenders and private lenders. Although we don’t get involved in the financing itself, we’re happy to make introductions. Having that conversation before you ever sign a purchase contract is probably the most important thing you could do in ensuring the success of your business. It’s critical that the financing of a business be discussed before the potential purchaser ever signs a purchase contract to avoid under-funding or signing a contract only to discover that no lender will loan you the funds necessary to close.
The Small Business Administration has different programs available and specific information is available from their website, https://www.sba.gov/. For example, the SBA has a 7(a) program where they guarantee up to 1.5 million in loans issued by a traditional commercial lender for loans needed by new businesses, or even those expanding their existing business or merging with another company.
After 25 years, we have the experience to assist in your due diligence analysis in considering whether or not to purchase a New York business. We have represented people in the purchase and sale of restaurants, bars, wine shops, liquor stores, eye glass shops, limousine services, grocery stores, landscaping businesses, and other such small businesses in Manhattan, Brooklyn, the Bronx, Queens, Westchester, and Long Island.
For more information on Considerations In A Business Transaction, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (212) 748-9477 today.
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