What Is a Purchase Agreement for a Business?

Litico Law Group
Purchase agreement building and keys.

The process of selling or purchasing a business can be complex. While there are many legal documents that may be involved in the transaction, the terms, conditions, and provisions that go into a business purchase agreement are critical. Whether you’re the buyer or seller, a well-drafted purchase agreement can protect your interests, safeguard your legal rights, and ensure a smooth transaction.

When it comes to buying or selling a business, there’s a lot at stake — and it’s important to have an experienced business attorney who can help you navigate this complicated process. At Litico Law Group, our legal team has extensive knowledge regarding business acquisition matters, and is committed to helping business owners meet their objectives. From small companies to franchises and large commercial operations, we possess the insight, knowledge, and experience necessary to assist you every step of the way.

Skillful Counsel for Business Sales and Acquisitions

Selling or purchasing a business can often feel overwhelming. If you’re the seller, you must ensure you’re adequately compensated for the asset you’ve worked so hard to build. In the event you’re looking to purchase a business, it’s crucial to make certain you fully understand not only the advantages, but also the potential liabilities involved. The attorneys at Litico Law Group provide comprehensive legal services to entrepreneurs and prospective business owners to help them avoid the pitfalls that can arise during a business purchase transaction — and maximize their financial benefits.

At Litico Law Group, our trusted attorneys provide representation to both buyers and sellers for business acquisitions. We assist clients with all aspects of a pending business purchase or sale, including the following:

  • Drafting a letter of intent
  • Drafting purchase and sale agreements
  • Negotiating the terms of a purchase agreement
  • Ensuring the purchase agreement is legally sound
  • Working with business appraisers to obtain an accurate valuation
  • Procure any necessary documentation
  • Conducting due diligence
  • Representing our client’s interests at closing

Our legal team can also provide a risk assessment, advise you regarding the potential risks, and develop strategies to minimize them. Litico Law Group has the expertise, insight, and acumen to handle even the most complex business purchase transactions. Offering personalized attention to every client, we take the time to gain a deep understanding of your objectives and work closely with you to identify your needs.

Knowledgeable Counsel for Reviewing, Drafting, and Negotiating Purchase Agreements

No two businesses are alike — and your purchase agreement should be specifically tailored to meet your unique needs. A business purchase agreement shouldn’t be boilerplate. Rather, the terms should be carefully negotiated and customized to avoid unintended legal consequences and potentially devastating financial outcomes. At Litico Law Group, we work diligently to create and negotiate purchase agreements that not only safeguard your rights at the closing table, but will also protect your long-term interests.

A solid business purchase agreement is vital to your business and its bottom line. It outlines the terms and conditions of the deal to which the parties are agreeing and can be highly nuanced. Specifically, the content of a well-drafted business purchase agreement should include detailed provisions regarding the following:

  • The financial terms regarding the transfer, including the purchase price, the deposit amount, and other details
  • A description of the assets that are being transferred, such as physical assets, equipment, intellectual property, customer lists, etc.
  • Warranties, representations, and contingencies
  • A confidentiality agreement and non-disclosure provision
  • Non-compete and non-solicitation covenants
  • Details regarding how the transfer of ownership should be carried out
  • Liabilities assumed by the buyer
  • A provision regarding third-party brokers, if applicable
  • The closing logistics

The terms, conditions, and provisions in your business purchase agreement can have ramifications on your company for years to come. It’s essential to have a skillful business attorney by your side who can negotiate, review, and draft a purchase agreement that will help ensure the transaction is successful and your business goals are satisfied. When you work with Litico Law Group, you can be confident in knowing you have discerning counsel on your side who is dedicated to negotiating a fair deal — and securing the best possible terms regarding the purchase or sale of your business.

Contact an Experienced Illinois Purchase Agreement Attorney

If you are considering buying or selling a business, an experienced business attorney can advise you throughout the process, work with you to mitigate risks, and create a strategy for success. Located in Rolling Meadows, Litico Law Group offers high-quality legal services to individuals, entrepreneurs, and business owners in Illinois for a wide variety of business matters. We welcome you to contact us or give us a call at (847) 307-5942 to schedule a consultation to learn how we can assist you.

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