Buying or selling a small business is a huge undertaking and accomplishment. There are many issues to consider, many questions to be answered, and many tasks to be completed. Although you may be an expert in your particular business, you may not have all the necessary legal business knowledge to complete your transaction while protecting yourself from certain liabilities and administrative fines. The knowledgeable attorneys at Robert Robles Law understand the complexities of small businesses, and we are available to help you in this process.
Steps to Take
According to an article in Business News Daily, Oklahoma offers many opportunities for small businesses and small business owners. This is a great time for small businesses in Oklahoma. Here are a few quick tips to take when buying or selling your own small business:
- Investigate local fees and regulations. Do you need to register your business? Does the physical place of business meet all necessary building codes including fire safety requirements? Do you have proper and adequate insurance? All of these questions should have solid and satisfactory answers before you consider your transaction complete.
- Prepare for the unexpected. There are many reasons that the buying or selling of a small business may fall through, whether there is some problem with the business itself or simply that one party in the transaction decides not to go through with it. Recognizing that this is a possibility is a great first step in creating your backup plan.
- Create a timeline and checklist for yourself so that nothing falls through the cracks. Small missteps can lead to big problems down the road. Though fulfilling all necessary requirements and provisions may seem mundane and time consuming, prevention of problems is always easier and faster than correcting those problems at a later date.
- Before you move forward talk to an attorney. Attorneys who have experience with small business transactions will be able to answer your questions, help you find and understand local regulations and administrative processes, and advise you on the many legal issues surrounding the buying or selling of a small business.
If you are buying or selling a small business, contact the law firm of Robert Robles Law to speak with an attorney who can help you understand your business needs. Let us assist you throughout each step of the process.