The purchase or sell of a business is a big step but legal resources are available to help at every phase along the way. An auto dealership in Baton Rouge was recently purchased and has since been rebranded. The auto dealership, including the land, was recently purchased for $4.7 million. The business that was purchased is now operating under a new name which is the name of the business that purchased it. The dealer-operator of the new business reported that all 66 employees of the purchased auto dealership were retained in the sale of the business.
The purchase is a second location for the business that made the purchase which also operates a couple of other dealerships in the area. The dealer-operator also stated that they have made a concerted effort at expansion over the past several years and look for good opportunities that they can take advantage of. The legal process can help guide buyers and sellers through a purchase or sales opportunity.
The process of purchasing or selling a business can begin with initial negotiations and then may proceed to the due diligence phase in which the potential purchaser may request the financials of the business they are seeking to buy. When seeking to purchase a business, it is important to understand health of the business and also select a business to purchase that is complimentary to the business the purchaser already has. After the negotiations and due diligence processes have been completed, it is then important to draft contract documents for the sale and be familiar with available legal resources as the sale proceeds through the execution phase to its successful conclusion.
Purchasing or selling a business can be a big and complex step for both parties on either side of the transaction but it can also be the best move for a seller or highly beneficial for the purchaser. There is a lot involved in the sale of a business or the purchase of a business, so it is important to be familiar with legal resources and options to help.