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If
you have been a little lax in keeping your corporate books, minutes and meetings
in order, you are not alone. The time to get everything cleaned up and in order
is before you make a decision to sell or transfer your business.
A
great attorney is a key member of any exit strategy team. Business structure,
buy-sell agreements, due diligence issues, asset protection and liability issues
are just some of the areas covered by an attorney.
Attorneys
can be deal makers or they can be deal breakers. Most often, the reason a deal
is killed by an attorney is because there was not enough preparation done ahead
of time. A competent attorney can look ahead and foresee possible issues and
eliminate them before you get to the negotiating table.
A
pre-transaction due diligence exercise on the part of an attorney will reduce
surprises and headaches later on. We recommend that you bring in an attorney
early on to ensure that you and your business are protected in the case of a
potential transaction or even the sudden death or disability of a key manager or
shareholder.
When
it comes to the transaction itself, a competent attorney is an essential part of
the team. The legal structure of a transaction is a critical aspect of the
entire exercise, and you must have complete trust in the legal advice you
receive. By working through the due diligence process and preparing ahead of
time, you will have more assurance the you have the right legal eagle on your
side.
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