A hairline fracture is a fracture of the bone caused by stress. It can result from trauma, is painful and can slow down your activity. In the purchase of a business, it is important to avoid hairline fractures along the way. Hairline fractures can be caused by a lack of communication between the purchaser and the seller, by a delay in contacting third-parties whose consent is required and by professionals who put their desire to win at any cost above their client’s interest. First, it is crucial for the purchaser and seller to fully understand each other’s objectives in the transaction, and to then come to an agreement on all major business terms. Second, major third-parties whose consent is required, including landlords and lenders, must be contacted well before the planned closing date. These third-parties, who have their own processes and procedures to go through when faced with a client sale, often take a long time to react. Last, you should clearly explain your objectives and expectations to your counsel. You should feel comfortable that you are working with counsel who will put the goal of making the deal happen, ahead of winning every point in the negotiation. The lesson here is that with proper communication and planning, you can avoid hairline fractures in your deal.
ABOUT GLENN D. SOLOMON
Glenn D. Solomon Esq., is a principal at the law firm of Offit Kurman and has provided counsel to businesses and business owners for more than twenty-five years, with extensive experience in the purchase and sale of businesses, structuring ownership agreements, and advising companies in financial distress
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing, full-service law firms in the Mid-Atlantic region. With 120 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our eight offices serve individual and corporate clients in the Maryland, Delaware, New Jersey, and Northern Virginia markets, as well as the Washington DC, Baltimore, Philadelphia, and New York City metropolitan areas. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect. You can connect with Offit Kurman via ourBlog, Facebook, Twitter, Google+, YouTube, and LinkedIn pages. You can also sign up to received Law Matters, Offit Kurman’s monthly newsletter covering a diverse selection of legal and corporate thought leadership content.
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