It may be advisable to have an Lawyer to review the legal documents associated with the transaction. It is important that the attorney you hire is familiar with the business buying process and has the time available to handle the paperwork on a timely basis. If the attorney does not have experience in specifically handling business sales, you may be paying for the attorney’s education. Most intermediaries and business brokers can recommend attorneys who are familiar with the business buying process. An experienced attorney can be of real assistance in making sure that all of the details are handled properly. Intermediaries and business brokers work closely with seller’s and buyer’s counsel, but do not provide legal advice.
However, keep in mind that many lawyers are not qualified to give business advice. Your lawyer should be looking after your interests; however, you need to remember that the seller’s interests must also be considered. If the attorney goes too far in trying to protect your interests, the seller’s attorney will instruct his or her client not to proceed. The transaction must be fair for all parties. Remember, the attorney works for you, and you must have a say in how things is done.
You have to make that final decision and take that “leap of faith” when you acquire a business. Advisors can point out issues, but in the end, the decision to acquire and manage a business is one that only you can make!