This past summer I tackled a new (extracurricular) challenge: running the Wonderland Trail around Mt. Rainier: a breathtakingly beautiful, but unforgiving, 92 mile, 26k ft. elev. gain journey requiring a ton of planning, and very little margin for error. In the months leading up to it, and in the days after, I reflected upon the keys to successfully completing such an "epic" undertaking, whether it be an unsupported Ultra run, an Ironman, or the purchase or sale of a business. The following are a few takeaways…
DISCLAIMER: The information contained in this blog is not intended as legal advice for you. It is intended only to provide general information, and to promote self-analysis, more informed questions, and further discussion with advisors. Specific legal problems necessitate specific legal advice tailored to each client’s specific set of circumstances. Use of this Blog does not create an Attorney-Client relationship.
The Dollars in the Details
{Def: current assets minus current liabilities}. Sounds simple, right? Almost never. Who gets what piece of this pie? It’s an often overlooked area, and one where it literally pays to consult your deal advisors and do the analysis early in the process. We’re not talking about legal hypotheticals & risk management folks, we’re usually talking about tens or hundreds of thousands of dollars!
DISCLAIMER: The information contained in this blog is not intended as legal advice for you. It is intended only to provide general information, and to promote self-analysis, more informed questions, and further discussion with advisors. Specific legal problems necessitate specific legal advice tailored to each client’s specific set of circumstances. Use of this Blog does not create an Attorney-Client relationship.
This past Friday I had the pleasure of attending a floating “dealmakers” social hosted by Lisa Forrest & Banc of California. Several dozen business brokers, accountants, attorneys, wealth managers, bankers and entrepreneurs boarded the 62’ historic sailing yacht Circe.
DISCLAIMER: The information contained in this blog is not intended as legal advice for you. It is intended only to provide general information, and to promote self-analysis, more informed questions, and further discussion with advisors. Specific legal problems necessitate specific legal advice tailored to each client’s specific set of circumstances. Use of this Blog does not create an Attorney-Client relationship.
When it comes to selling a business, it’s not a question of if you need a team, it’s a matter of who you’ll pick to advise you, and when you get them involved. Transaction professionals—including attorneys, accountants and business brokers—each play a critical role in the business transfer process. Experienced advisors understand they are engaged to provide counsel; to inform you of the issues and risks, but not to make decisions on your behalf.
DISCLAIMER: The information contained in this blog is not intended as legal advice for you. It is intended only to provide general information, and to promote self-analysis, more informed questions, and further discussion with advisors. Specific legal problems necessitate specific legal advice tailored to each client’s specific set of circumstances. Use of this Blog does not create an Attorney-Client relationship.
When it’s time to sell your business, these clauses (or absence of them) in your ‘critical’ customer and supplier contracts can be potholes on your path to a done deal. What’s the issue? You need to assign the benefit of the contracts to the buyer, without having to go to each party, and get written consent, or worse, go hat in hand to renegotiate the terms.
DISCLAIMER: The information contained in this blog is not intended as legal advice for you. It is intended only to provide general information, and to promote self-analysis, more informed questions, and further discussion with advisors. Specific legal problems necessitate specific legal advice tailored to each client’s specific set of circumstances. Use of this Blog does not create an Attorney-Client relationship.
