This is intended to help outline the general process of buying a business, explaining the legal aspects of how a business lawyer can assist in a business purchase transaction (it is not intended to be construed as legal advice for your particular situation). Basically, in these 2 videos, I try to help you identify what steps are involved in buying a business and what issues should be considered.
Part 1 of the video covers some typical terms and other items addressed in a term sheet:
- Names and Contact Information
- Purchase Price and Other Consideration
- Payment Terms; Financing; Downpayment
- Collateral (or security) for the Purchase Price
- Structure of the Deal