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Closing the Deal
As you have gone through the process of finding, assessing and negotiating to purchase a business, you will likely have been busy talking to lenders to secure any financing that you may need to complete the transaction. A detailed look at the financing of the purchase of a business is beyond the scope of this article, but if you do a search in our archives you will find a number of articles on this topic.During the final step you want to keep a close eye on the documents and legal issues. You will likely be in close contact with your lawyer during this time. If the full purchase amount won't be paid on the date the deal is signed, you can expect shares to be held in escrow. Similarly, if there are any current claims to the inventory or assets of the company, the transfer of these items may be managed by a third party or escrow service.
When the paperwork if finally completed and signed, it's time to kick back and relax for a few minutes. Congratulations, you now own the business you have worked so hard to understand!
But don't relax for too long. Critical issues, such as how you intended to assuage employee fears about the change in management and how you plan to get up to speed on your new position, are already rising on the horizon. You will certainly have some ideas and plans in place at this point, and the day when you finally get to start implementing those plans will soon dawn.
Legal Considerations: The Seller's Perspective
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