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Here's the Deal

Here's the Deal

By Joel Ankney

Everything You Wish a Lawyer Would Tell You About Buying a Small Business. CreateSpace Independent Publishing Platform, 2017.

0.0 / 0

21 mins read

17 Key insights

A brief summary of Here's the Deal

Practical advice on buying a small business so that you know what to expect every step of the way, resulting in a smooth and seamless transition between owners.

Key insights in Here's the Deal

1
What do you get from this book? A layperson’s hassle-free guide to buying a small business
2
When buying a company, make sure you know the industry well, and assemble a team of advisors to guide you
3
After you’ve found your target you need to determine its value, don’t just take the seller’s word for it
4
Make sure you understand the costs associated with buying a business before you close the deal
5
You need to understand the key differences between investors if you want to obtain their financial support
6
Buyers should opt for an asset deal when possible, though sellers may prefer equity deals
7
Before you sign the Purchase Agreement, ask questions and negotiate terms
8
Fulfilling your due diligence is a vital step toward completing the Purchase Agreement and should not be undertaken lightly
9
Drafting the Purchase Agreement should be taken seriously, reviewed by a business attorney, and clearly define terms
10
It’s important to read every section of your purchase agreement whether you sign everything at once or on different days
11
After detailing assets and going through boilerplate provisions, ensure no adjustments are needed before signing
12
There are a few final steps that both sellers and buyers must complete before closing
13
Expect to have an informal closing, but be careful about disbursing your money and obtaining passwords
14
After you’ve closed, get any necessary training and switch everything over to your name
15
Summary of the key insights
16
Selected critiques in brief
17
Final word

Who should read Here's the Deal

New business owners • current business owners looking to expand • startups • managers • business students • entrepreneurs

About the author of Here's the Deal

Joel Ankney is an American business attorney with over twenty-five years of national and international experience. He graduated first in his class from the William & Mary Law School, and works on purchase deals ranging from thousands of dollars to multi-millions. Since opening his practice in 2003, he has been named a Legal Elite attorney and Top Attorney in Coastal Virginia.

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Joel Ankney

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