{"id":11805,"date":"2023-03-23T08:45:00","date_gmt":"2023-03-23T08:45:00","guid":{"rendered":"https:\/\/juradolawfirm.com\/?p=11805"},"modified":"2023-02-22T15:31:32","modified_gmt":"2023-02-22T15:31:32","slug":"buying-a-business-in-florida-agreement","status":"publish","type":"post","link":"https:\/\/juradolawfirm.com\/buying-a-business-in-florida-agreement\/","title":{"rendered":"Buying a Business in Florida Agreement"},"content":{"rendered":"\n

Purchasing an existing business<\/a> offers advantages that are not available for those forming a company from scratch. For example, skipping the start-up phase and cutting formation-related expenses allows entrepreneurs to focus on expanding the existing business operation<\/a>.\u00a0<\/p>\n\n\n\n

In this article, you will find the essentials of business purchase agreements in Florida. <\/p>\n\n\n\n

Buying a Business in Florida Agreement – Full Walkthrough <\/h2>\n\n\n\n

Buying an existing company in Florida is not as simple as shaking hands with the seller and closing the business. From the initial offer stage to signing the closing papers, each step requires the utmost attention to detail. <\/p>\n\n\n\n

The  Initial Offer Stage <\/h3>\n\n\n\n

The first step to purchasing a company is to find a business owner<\/a> seeking a profitable deal. When the right buyer finds a proper seller, the next step is to negotiate the terms and conditions of the sale.\u00a0<\/p>\n\n\n\n

The guidance of an expert business purchase attorney<\/a> is crucial to conduct an efficient negotiation and ensuring each party is fully aware of the contractual duties and obligations. Additionally, a legal advisor may help the buyer to prepare a Letter of Intent (LOI).\u00a0<\/p>\n\n\n\n

An LOI anticipates the key terms that will be present in the business purchase agreement, including indemnity clauses, restrictive covenants (e.g., non-compete agreement), and other terms. <\/p>\n\n\n\n

Conducting Due Diligence <\/h3>\n\n\n\n

No matter how well-intentioned a business seller might be, the buyer must proceed in-depth research into the company’s financial and organizational history. The due diligence process cannot be taken for granted, as it will determine the viability of the transaction. <\/p>\n\n\n\n

One of the elementary factors involved in this process is to identify whether the business price is valued correctly and the existence of any liabilities that may arise from the transaction. Part of the essential documents required in this process include: <\/p>\n\n\n\n