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Selling a Business or Franchise - Nationwide Lawyers
When selling a business, it's important to protect yourself from ongoing liability for a business that no longer belongs to you. Failing to dot the i's and cross the t's in a business sale can leave you vulnerable to litigation in the future.
At Spadea, Lanard & Lignana, we protect the interests of business owners who are selling a small to mid-sized company or a franchise business. Our business lawyers can help you achieve your financial goals while minimizing the risks associated with the sale of a business.
Before you sign any purchase agreement, contact our Philadelphia law office to speak with one of our business attorneys.
Legal Help to Ensure a Smooth Transition of Business Ownership
Our goal is to ensure that the sale of your business proceeds as smoothly and quickly as possible, while protecting your interests and your assets. When representing a seller in the process of a business sale, we make sure that any representations and warranties provided in the documents are minimized and appropriate so that you walk away from the sale free of obligations, if possible.
We ensure any excluded assets are protected and that you are released from any obligations under an existing lease or franchise agreement. If you will be lending part of the purchase price to the buyer of the business, we draft the required documents to ensure that your financial interests are protected with collateral, such as the assets of the business.
We draft the documents needed to conclude the sale of the business (such as an asset or stock purchase agreement, lease assignment and landlord consent, bulk sales affidavit, promissory note, etc.). We will attend the settlement, and issue a closing statement after it has been completed if requested by our client.
Selling a Franchise Business
Selling a franchise has some extra steps. If the seller is a franchisee, he or she will need to secure the consent of the franchisor and the landlord. We will incorporate the necessary franchise-related clauses and contingencies into the purchase agreement to protect you.
If the seller is a franchisor, in addition to the normal business acquisition issues, we make sure that all of the franchise agreements are assigned and that all post-closing liabilities and assets of the business (including obligations to the franchisees) are transferred to the new owner.
Out attorneys have more than 25 years of experience helping clients buy and sell regular and franchised businesses. Our clients appreciate that we provide high-quality legal work and prompt, responsive service. If you are planning to sell a business, contact one of our business attorneys at Spadea, Lanard & Lignana.