Buying or Selling a Business
Buying or Selling a Business in the Chicago Area and Northern Illinois
No business owner wants to encounter unexpected surprises after buying a business, or to become aware of unsettling conditions on the eve of a business merger.
At The Gierach Law Firm, our business attorneys work with buyers and sellers across Northern Illinois to structure business acquisitions and mergers with full disclosure of all relevant business factors. With a proper due diligence review, buyers and sellers can feel confident in a smooth transition of ownership.
Contact our Naperville law office to schedule a consultation with attorney Denice Gierach.
An Eye for Business • An Understanding of Tax Law
Business attorney Denice Gierach has more than 30 years of business law experience, in addition to a background as a Certified Public Accountant (CPA). Her thorough understanding of all facets of business law has earned her recognition as one of 20 "Influential Women in Business" by the Business Ledger for 2008. Ms. Gierach works with entrepreneurs and businesses of all sizes in the acquisition or merger of a business.
Understanding What is for Sale
A business acquisition can be accomplished through the purchase of assets (for example, the merchandise and equipment of a business) or through the purchase of stock where the buyer takes over the business assets and liabilities. A business merger is very similar to an acquisition but raises additional questions regarding assets and employees. Each of these options will have different tax implications.
A Question of Employees
If you are purchasing the entire business, or merging two businesses, you will need to consider the matter of existing employees within the company. Who are the essential officers or employees in the company that you want to keep? Will you still buy the company if they are not part of the transaction? What kind of contract or incentive will you need to retain those key employees?
Would a consulting contract with the departing shareholder be in order to ensure continuity between old and new management?
Negotiations and Letters of Intent
As your business attorney, Ms. Gierach will conduct due diligence review of the condition of the business under consideration, obtaining an accurate valuation of the assets and liabilities and determining any outstanding tax liabilities. When a solid understanding of the condition of the business has been established, she will negotiate the purchase or sale, developing a "letter of intent" (LOI) or "memorandum of understanding" to document the details of the transaction prior to the final business purchase agreement. From this position of clarity and mutual understanding, the sale can move forward.
The Gierach Law Firm has been helping businesses in northern Illinois for decades. Allow us to help you reach your business ownership goals with business purchases and agreements.
Contact an Illinois Business Lawyer
For sound legal advice from a skilled Naperville business attorney, contact the Gierach Law Firm.
Our Business is Helping You, Your Business, and Your Family