A lot of times we’re called to work on a business transaction where clients will call our law firm (www.mcbrideattorneys.com), and ask us just to put together some documents. “Give us a standard set of documents for our deal” is what we often hear — whether it be a merger, a private equity fund formation, a partnership agreement, a non-disclosure agreement, continuity planning for the death of an owner of a business, or other transaction.
The truth is, it’s more than just the documents. Just filling out the documents is a misguided notion. You need to do what’s right for your business, and your company. That means tailoring things to your situation. It means understanding what’s going on in the transaction. It means looking at what those terms mean. It means looking at the details of the partnership agreement and thinking about how that’s going to work in the event of a death, disability, divorce, disagreement or other possible events among partners.
How will the company keep moving forward? How do these mechanisms work? How does your merger agreement impact what will happen after the merger? Is it creating the right economic incentives? Are some of the provisions going to come back and haunt the seller?
These are things you need to be thinking about when it comes to choosing a law firm. It’s more than just the documents. It’s about getting the right documents for the right situation tailored to the details. Work with a lawyer who knows what they’re doing, that’s been there before, that can help you make sure you have the right documents for your business.
What’s been your experience? Have you ever seen documents that have been incorrectly completed because somebody was in a hurry? Have you ever seen teams that didn’t put the right amount of attention on documents? Join us in the comments below and let us know your thoughts and experience.
This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity. Each case is unique. Past results do not guarantee future outcomes. Freeimages.com/photographer Josephine Eber.
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Posted In: Business ManagementAbout the AuthorR. Shawn McBride — is the Managing Member of The R. Shawn McBride Law Firm, PLLC. Shawn works successful, private business owners in their growth and missions to make a company that stands the test of time. You can email R. Shawn McBride Law Firm or call (214) 418-0258.