Virginia Purchase and Sale of Businesses Lawyer

Whether you’re buying or selling a business, there’s a lot to consider. Whichever side of the table you’re on, there’s plenty at stake, and working closely with a Virginia purchase and sale of businesses lawyer is always in your best interest.

Contracts Guide the Buying and Selling of Businesses

Regardless of whether you’re buying or selling a business, the transfer of ownership and your rights in relation to this transfer will hinge on the written contract involved, and even minor discrepancies or oversights can spell serious trouble moving forward. Having the skilled legal guidance of a formidable purchase and sale of businesses lawyer in your corner from the outset is the surest means of protecting your rights and your investment.

The Former Owner’s Role in the Sale

Often, the former owner will stay on for a predetermined amount of time in order to guide the transition of business ownership. This overlap can play an important role in the business’s ongoing success, which tends to benefit both parties, but it can also be a serious challenge in terms of clashing business visions or even clashing personalities.

Having a tight contract in place that establishes firm consulting provisions based on the following is well-advised:

• Nature of the consulting services provided
• Consultant’s minimum time commitment to the business per week 
• Length of the consultant’s obligation to the company
• Extent to which the former owner will be allowed to participate in management decisions
• Compensation rate paid – as applicable

The Sale of a Business or Its Assets

Sometimes, buying a business’s assets amounts to the same thing as buying the business outright, but this isn’t always the case. While the sale of business assets can include the enterprise’s name and all the goodwill that the previous owner generated, it doesn’t cover outstanding debts. Purchasing a business outright, however, generally comes with an obligation to cover all debts to both creditors and taxing authorities at the state and federal levels, which can make a great difference in value.

Reach Out to an Experienced Virginia Purchase and Sale of Businesses Lawyer Today

The practiced Virginia purchase and sale of businesses lawyers at Culin, Sharp, Autry, & Day have the drive, legal skill, and resources to fiercely protect your financial rights throughout the sale or purchase of a business, and we welcome the opportunity to help. Learn more by contacting us online or calling us at 703-934-2940 today.