Alexander H. Pyle
Phone: 617.897.5642
Fax: 617.439.9363
apyle@sheehan.com
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When should I talk with a lawyer about plans to sell my business?
Thursday, August 31, 2006
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There are many legal steps that can facilitate the sale process that a company should take before discussions with potential buyers. Many of these steps can be accomplished more easily if not undertaken at the last minute when negotiations with the buyer are already under way. For example, counsel should verify that any significant agreements are appropriately documented, that appropriate intellectual property protections are in place, that the company and its subsidiaries are in good standing in all relevant jurisdictions, and that corporate records are up to date.
In addition, a company should obtain legal and tax advice on the optimal deal structure for a sale, so its requirements can be presented to prospective buyers at the outset. Counsel should review engagement letters for brokers or investment bankers, memos or pamphlets describing the company to potential buyers, as well as, of course, term sheets and letters of intent.
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