Do I need an attorney?
We advise all buyers and sellers to have an attorney review the legal documents. More importantly is hiring an attorney that is familiar with the business buying process and has the time available to review the closing documents in a timely manner is important too when you buy a business. If the attorney does not have experience in business transactions, you may be over paying for excess billed hours. Most business brokers have lists of attorneys who are familiar with the business transaction process. Although business brokers are a great resource, they are not qualified to give legal advice. On the other hand, attorneys are not qualified to give business advice.
Your attorney should have your best interest in mind, make sure of this before buy a business. You also need to remember that the transaction must be a win-win keeping the seller’s interests in consideration. If your attorney goes too far in trying to protect your interests, they can lose the business. The transaction must be fair for all parties and there are times when attorneys need to be reminded they are working for you.
Having a mentor or someone who has owned their own business can be a valuable, independent third party resource to help keep things in line.