Raleigh Business Acquisition Case Illustration
Steven is a licensed veterinarian who established a professional practice five years ago. Since the inception of his business, he has been implementing growth strategies and expanding his practice into new markets. Steven receives news from a colleague that a veterinary practice in a nearby city is for sale. Excited at the prospect of growing his business, Steven begins to seriously consider acquiring the practice but does not know where to start, so he consults his Raleigh, NC business acquisition attorney for assistance.
Raleigh, NC Business Acquisition Attorney Protecting Your Interests in Acquisitions and Sales
Buying or selling a business is one of the most complicated things you can do. If you’re considering the acquisition of a business or the potential sale of your own business, a Raleigh business acquisition attorney at NC Planning can guide you through each step of the process.
The right business transaction can be the key to meeting your short-term and/or long-term business goals. But before you buy or sell any business, it is imperative to retain an attorney who can anticipate potential problems and provide effective solutions.
How Can A Raleigh, NC Business Acquisition Attorney Help With Buying or Selling a Business?
The Raleigh business acquisition attorneys at NC Planning can perform key due diligence, assist you in valuation, and serve as your advisors throughout a business sale or purchase to ensure that your goals are met, the transaction is fully compliant, and your long-term interests are served and protected.
We have been trusted by the sellers and purchasers of countless businesses in the state of North Carolina. Our team has experience handling business transactions in a wide range of industries.
What Should You Know When Buying A Business?
If you purchase an existing business, while it may be more convenient and less risky than launching your own startup, you must conduct due diligence to learn more about the business. You need to know:
- What is the financial condition and history of the business?
- Has the business been sued? Are there claims pending?
- Who are the customers? Who is the competition?
The right business acquisitions lawyer can help you uncover and gather the details you need for an informed decision. We assist business buyers with research, due diligence, permits, licensing, and more while helping them negotiate the best possible transaction terms.
The Importance of Business Valuation
When acquiring a new company or merging with an existing one, it is necessary to determine the total value of the business before entering into negotiations. This process, referred to as business valuation, is used to evaluate the economic value of a business and its assets in order to establish a fair market price for the company. There are several different strategies that can be used to value a business, which typically looks at the income, market, and/or assets of a company to determine its economic value. Due to the complexity of this process and the range of procedures available to value a business, many people turn to a Raleigh, NC business acquisition attorney to oversee the process.
Critical Areas to Consider When Buying a Business
When acquiring a business, it is critical to consider specific elements of the company’s portfolio to plan for seamless integration into your current operation. Planning for the following areas can help ensure that the acquisition or merging process is as smooth and efficient as possible:
- Property and leases: Accounting for real estate transactions and lease agreements is important when buying a business, and should be factored into the sale price.
- Intellectual property: Any patents, trademarks, copyrights, or trade secrets held by the target company must be accounted for before the sale. The acquiring business should confirm the value of these assets and put in place an agreement that dictates how any intellectual property will be passed down.
- Business structure & integration: an acquisition or merger presents an opportunity to reconsider a company’s existing organization and structure. Implement an integration protocol as soon as possible and actively manage it throughout every stage of the acquisition process.
- Compliance: Every company maintains a different set of policies and procedures related to compliance. Integrating these policies into a pre-existing business or practice can be challenging, but expected pitfalls can be avoided through careful planning.
What Should You Know If You’re Selling a Business?
Owners who are selling a business also need a business attorney’s insights and services. If you’re not careful, you could owe a sizable sum to the IRS after selling a business. The legal team at NC Planning can:
- Reduce the negative tax consequences of selling a business
- Ensure that the required paperwork is prepared
- Ensure that the deal closes quickly and efficiently
Selling a Business: What Is Due Diligence?
When selling a business, it is key to practice due diligence at every step in order to avoid missteps and disputes during the process. Due diligence refers to the practice of organizing and sharing documentation that a potential buyer will wish to review when assessing your company as an acquisition target. This, in turn, allows the acquisition process to proceed as smoothly as possible. When preparing to sell your company, the following documentation may be pertinent to potential buyers:
- Financial reports
- Corporate governance documents
- Formation documentation
- Real estate information
- Customer, employee, and supplier contracts
- Tax documentation
- Licensure and regulatory compliance paperwork
How Can You Protect Yourself When Making Business Transactions?
The question that must be explicitly answered at the beginning of a business transaction is this: What exactly is being purchased and sold?
In this circumstance, one of a business acquisitions attorney’s tasks is making certain that the buyer and seller are “on the same page.” Your attorney will also:
- Confirm whether or not there are liens against business assets
- Perform due diligence that includes credit checks and title exams
- Draft or review the legal documents required for the transaction
- Help you with the closing and all other aspects of the transaction
Most importantly, the legal team at NC Planning will work diligently to ensure that the sale or purchase of the business proceeds as smoothly and efficiently as possible.
What Are the Keys To A Successful Business Transaction?
The keys to a successful business transaction are always good communication and thoughtful preparation.
Our attorneys advise and represent business clients at every stage of ownership, whether they are forming, buying, maintaining, selling, or winding down a business.
What Happens After You Buy A Business?
If a legal matter arises, you will have the assurance that comes with knowing that your business attorney is already thoroughly familiar with your operations, policies, and procedures. NC Planning provides comprehensive business planning services that may involve:
- Reviewing or preparing employment contracts, leases, or other business documents
- Auditing to identify and remedy potential problems before they become issues
- Succession planning or planning for the sale of the business
- Trusted general counsel services that are at your fingertips
How to Choose the Best Raleigh, NC Business Acquisition Attorney for Your Practice
Choosing the right Raleigh, NC business acquisition attorney for your practice is critical, as the legal guidance you receive will dictate the ease and efficiency of your acquisition transaction. It is important that you feel comfortable with your attorney and trust that they have the skill and knowledge necessary to optimize your outcome in the deal. During an initial consultation with your attorney, consider the following questions:
- Do you have experience with clients in my specific industry?
- Is the business in question ready to sell?
- Do you anticipate any serious issues arising during the acquisition process?
- Which attorneys will be working on my case?
- What is your firm’s fee structure?
- How will I be communicating with you and your firm during the process?
NC Planning Will Help You Plan for the Road Ahead
As a business owner, buying a company or selling your existing business can be a pivotal moment of personal and financial growth. Mergers and acquisitions are incredibly complex legal processes, however, requiring an acute knowledge of business and tax law to navigate smoothly. At NC Planning, our team of Raleigh, NC business acquisition attorneys works closely with business owners to ensure that the acquisition of a company is conducted according to relevant governing laws and regulations.
By providing experienced legal counsel, we help avoid costly and time-consuming pitfalls that often occur during the acquisition process. To speak with an experienced attorney about your company’s acquisition interests or the sale of your business, consider contacting our Raleigh office at (919) 568-3681 today or scheduling a consultation with us online.