Every day, people are injured in accidents and scenarios that are not their fault. In many of these situations, the injured party is due compensation for their injuries and the associated medical expenses, lost wages, and pain and suffering. To help them recover these damages, they hire a specific type of attorney known as a personal injury attorney.
Personal injury law is unique and nuanced. Proving that you are not at fault for the incident and that you deserve compensation can be difficult, which is why you really need the help of these professionals. Learn more about personal injury attorneys and their jobs on this website.
Mergers and acquisitions are part of the business growth and development process. Most business owners start their entrepreneurial journey hoping they remain a sovereign entity as the business develops to become market leaders in their niche. However, the market dictates a lot of what happens once you have presented your idea to the world. Sometimes, merging with similar-minded businesses is the best growth and expansion opportunity. At other times, you grow so exponentially that you gain the capacity to acquire smaller entities within your industry. In both cases, you should always be careful not to make mistakes and make costly losses. Here are some common mistakes to avoid.
Failure to Conduct Due Diligence
If you want to thrive in the marketplace and become the business everyone thinks about first, invest in business transaction law services. These lawyers have a deep understanding of business law and all the possible mistakes you might make when vetting a company for a merger. They will carry out the due diligence for you. They check the physical assets, liabilities, and whether the company diligently pays taxes. They also assess insurance, payroll details, intellectual property, and financial reports. The lawyers will let you know when they discover anything that could be harmful to your business.
Unfavorable Sale Agreement of Purchase Contract
You should have a lawyer draft the purchase contract when buying off another business entity. They should also be present when receiving the sale agreement from anyone acquiring your business. If you do not involve them in drafting the documents, you should hire one to assess them before signing. Some details include the sale or purchase price and payment terms and conditions. The lawyers typically insert a clause about an inspection period for your diligence. These steps protect you from making mistakes in the purchase process.
Forgetting the Seller Non-Compete Agreement
Many things can happen after buying a business entity from someone else. They could decide to start another similar venture. Since they carry some of the brand equity from the old one, the new business could become a source of competition to yours. A non-compete agreement stops people from creating ventures similar to yours. You can fully take over the market segment that the acquired company occupied.
Business transaction lawyers will help you handle most aspects of the business transaction process and protect your best interests. With their help, you will avoid the common pitfalls that bring companies down and thrive in the marketplace.
For more information on business transaction law services, contact a company like Boynton Waldron Doleac Woodman & Scott P.A.