Buying an Existing Business? Complete an Investigation.

Purchasing an existing business may be less risky and more profitable than starting your own business. If you are considering it might be in your best interest to conduct an investigation beforehand.

Before purchasing, make sure to:

1. Audit financial statements, tax returns, accounts receivable and accounts payable from the last 3 – 5 years with a Certified Public Accountant (CPA).
2. Know who the essential employees are and whether or not they will be staying. If they or the owner themselves are critical to the operation, you may need to add non-competition clauses or other protections in your final agreement.
3. Discuss the overall status of the company: whether or not current customers will remain, outstanding loans, what the competitors are doing, how the company is perceived in the community, etc.
4. Other factors to consider are the leases, intellectual property rights, insurance, and more.

For more advice on buying an existing business in Miami, reach out to the business attorneys at SIMPLYLEGAL.

Contact a Miami Business Law Lawyer at (305) 676-9328

If you are purchasing or selling a business in Florida, our lawyers are ready to help. We have years of experience and are ready to discuss your options during a consultation. Reach out today.