Buying & Selling Businesses in Illinois
When you are contemplating a decision to buy or sell a business, a thorough legal review and analysis of your financial position is essential to ensure that your financial well-being is protected. At the Law Office of Richard J. Arendt, we have extensive knowledge of all facets of the sale or purchase of a business, including corporate mergers, business partnership purchases, partnership dissolutions, and bulk asset sales. Mr. Arendt has 38 years of experience efficiently handling the purchase and sale of businesses of different forms in a wide array of industries. This experience can avoid an overly narrow focus on the bottom-line that results in overlooking minor details that can become major issues down the road.
Negotiation, Strategic Planning, Drafting, & Review of Stock & Asset Sales
Our Chicago Area law firm can provide valuable legal counsel and representation to clients considering the purchase or sale of a business including:
- Confirming that zoning of the real property allows for the intended operation of the business
- Evaluating the business to assess compliance with state, county, and local law
- Negotiation, drafting, and analysis of deal documents, such as the promissory note and security agreement
- Analyze, prepare, or modify a purchase agreement to ensure it adequately protects your interests
- Identify potential risks and needed protections like a non-compete agreement
- Defining the assets being purchased (i.e. name and associated goodwill, trademarks, and other intellectual property)
Whether buying or selling a business, there are a range of other considerations that must be evaluated to confirm the transaction is in our client’s best interest. If our client is purchasing a business, an initial determination must be made regarding whether the transaction will involve the purchase of corporate assets or shares of stock. Mr. Arendt also can conduct due diligence research to alert clients regarding potential civil liabilities, outstanding tax obligations, pending lawsuits, and unreleased liens.
When our client is selling a business, the structure of the transaction must be considered. Decisions regarding the structure and financing of the deal must be evaluated in light of the financials of the business and buyer to confirm the seller will receive all of the money to which he or she is entitled according to the terms of the sale. Our law firm can arm sellers with the resources and advocacy necessary to protect their financial interests.
Buying a business can be perilous and so can selling a business without sound legal counsel. Mr. Arendt guides clients through every step of a business purchase or sale, so our clients have peace of mind that their decisions are right for their business. There are many questions that purchasers must ask sellers along with a wide range of issues that a buyer cannot take for granted. Mr. Arendt advises clients, so these questions and issues are addressed and resolved before consummation of the transaction. Our Illinois business selling and buying law firm can assist clients in navigating the entire process. This process includes advising on pre-negotiating issues, conducting negotiation of deal terms, drafting the formal agreement, conducting the pre-closing review, and handling the closing.
We invite you to schedule an initial consultation with Richard J. Arendt so that we can help you navigate the purchase or sale process. Our law firm represents clients in the greater Chicagoland area as well as the following Counties: Cook County, Du Page County, Will County, Lake County, McHenry County, Kane County, and Boone County.