I recently read a blog article suggesting that person selling their business SHOULD NOT involve a lawyer in the process. I replied to the original blog, and since then the original blog was updated. Here is the updated version:
I found this advice shocking! As a lawyer I take the contrarian view to the article.
While you typically don’t want a lawyer leading the sale of your business, you do want a lawyer keeping an eye on things. Making sure that the terms make sense.
There are a lot of details in investment documents, merger agreements and sale documents that could really trip a company or seller up.
I know business brokers and others don’t like lawyers involved because they can complicate a deal, but they can also add a lot of value in protection. And, in some cases, they might have a client walk away from a deal if the terms are bad for the client.
I’ve had business brokers get mad at me because a client didn’t do a deal. But in those cases we protected the client from a lot of risks that weren’t fully being disclosed. So I think the result for the client — not engaging in a transaction they didn’t understand or want — was best for the client.
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. Freeimages.com/domiwo.
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