“Who you gonna call” was the key line from the 1984 blockbuster comedy movie Ghostbusters. In the movie, Bill Murray and his crew were called upon as experts to remove supernatural beings from a place of business or residence. Whether purchasing or selling a business, make sure that you consult with and include your experts, that is, your professional advisors. In addition to relying upon your lawyer to negotiate the transaction documents, you should consult with your other advisors in order to obtain maximum value and protection from a transaction. First, both purchaser and seller should consult with their accountant. There are a myriad of issues that arise in a business transaction that can have potent tax consequences. Your accountant is in the best position to advise you on these. Insurance issues also arise. Both purchaser and seller want to make sure that the other either has or will maintain adequate liability and property insurance coverage. Purchase agreements usually contain specifications for the type and amount of insurance maintained or to be maintained. You should therefore consult with your insurance broker to make sure that you are protected. Other professionals may come into play. You have relied on these professionals to help you get to the point of sale, if you are a seller, or to help you grow enough to be an acquirer, if you are the purchaser, so it makes sense to utilize the expertise of these professionals to assist you through the business transaction.
If you have any questions or any other M&A issue,
please contact Glenn Solomon at firstname.lastname@example.org or 443-738-1522.
ABOUT GLENN D. SOLOMON
Glenn D. Solomon is a principal at Offit Kurman and has provided counsel to businesses and business owners for more than twenty-five years. He has 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 over 130 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 ten 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.
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