How Should I Purchase an Existing Business?
One option when setting up a new business in Connecticut is obviously acquiring an existing business. In this process, you want to have a team on your side. This should include a lawyer that is with you every step of the way. One of the key aspects of acquiring a new business is being very clear on whether you’re acquiring the assets of the business or the stock of the business. This will be determined or affected by the due diligence process by which you review the assets of the business and decide whether you want to obtain not only the good will of the company but also its inventory, assets, cash, accounts receivables, or less number of items. It’s best to work with an attorney not only in the initial stages in entering into a letter of intent when you agree on a general purchasing price, but also making sure the final agreement meets your expectations so that you can have a successful new business.