If you are looking to buy a business, sign a franchise agreement or sell your business, it is absolutely critical that you reach out to The Orlando Law Group to ensure you receive the best possible deal you can.
After all, the future of your business should not be left to chance. Maybe it is your retirement plan to sell your business and live off the proceeds, or maybe having a successful business is the way you will support your family as an entrepreneur. Either way, it is important that you make informed decisions about the future of your business with an expert business law attorney at your side.
The attorneys at The Orlando Law Group have a significant focus on business law because they are business owners too. They understand what you are going through and how the decisions you make now can affect you for years.
Getting Down to Business
If you are thinking about starting a business, The Orlando Law Group is here for you. Starting a business can be complicated – it’s not just saying “I’m open.” As we discuss on our business formation page, we can help with all the paperwork, the trademarks and anything else you need.
But there is a reason why people often choose to purchase a franchise agreement or buy a business. You are buying a brand, a mission and everything that goes with it, including trademarks, names, colors, etc.
Is a Franchise Right for You?
For a franchise agreement, there are many factors that will determine how you decide to run your business. Our attorneys will help you clearly understand what to expect as the owner of a franchise.
For instance, some franchises do not allow local websites. Some require payments for national marketing programs. Franchises are almost always strict on how you use their logo and what the interior of your company’s location will look like. There are some franchises that require a corporate buyout based on specific events or processes.
The key is that nearly every franchise agreement is different. You will need an attorney to review the terms of the agreement and discover if there are any terms you may be uncomfortable with or that may be to the detriment of your success as a franchisee.
Buying a Business
Another way many people enter the business industry is purchasing an established business. Again, it is essential to have an attorney from The Orlando Law Group work with you to ensure that your due diligence is performed and can negotiate on your behalf to ensure you have the right deal for what you are looking to accomplish.
For instance, some acquisitions take on the liabilities of the business, like the lease for the business location.
This is an example of an area where The Orlando Law Group can utilize our real estate attorneys to review any leases to see if they are acceptable. If not, we can try to renegotiate on your behalf or find a way to not include them in the sale agreement.
Of course, this is just one potential aspect of starting your new business in which an attorney at The Orlando Law Group can supply the help you will need.
Will you be looking at financing? Will you look at just buying a portion of a business? There are many ways to structure an acquisition.
We will help you find the right one.
Selling your Business
Perhaps you have decided it was time to retire, or the current franchise agreement is not working out for you. There are plenty of reasons why someone might sell their business.
The Orlando Law Group can help business owners looking to sell in nearly every case.
When we agree to represent you, one of the key focuses will be understanding what your goals are in your personal and professional life and why you are choosing to sell. The Orlando Law Group has a practice specifically devoted to estate planning as well, giving us a unique ability to help individuals plan their future and the succession of your business.
Of course, how you structure your sale can be based on a tremendous number of factors. For example, we can set up profit sharing or some sort of income stream to provide you income during retirement. We can also set up trusts to help purchase businesses and eliminate certain tax responsibilities.
Throughout the process, we will work on your behalf to negotiate the right sale for you and your future.
While much of the focus is on buying and selling businesses, we also see a tremendous number of cases dealing with partnership agreements. Those can happen during any point of a business’ life.
Many people purchase their business using partnerships and other people’s money. We can help solidify the agreements with your partners in this case.
Others look to add partners or sell shares of their company after forming the business. The Orlando Law Group will work to make sure you are protected as a majority owner.
We will also be there for you when one of your partners wants to cash out. This can be sudden and often devastating for a business. It is vitally important you set up any partnership with the end in mind. After all, too often partners are friends or family members, bringing emotional and outside issues into a business arrangement.
The Orlando Law Group was founded with three partners, and two have since left the business. This gives us a very unique perspective on partnerships; one we will use to represent you!
Frequently Asked Questions about Business Transactions
What’s the First Step in the Process of Selling My Business?
The first step in the process is always answering the “Why?” Why do you want to sell your business? What are your goals after the sale? By answering that very first question, The Orlando Law Group can help structure the deal in the way that best serves your future purpose.
What About the First Step in Buying a Business?
The answer is the same: Answer “why” you want to buy a business and what you hope to gain out of owning the business. We will work to make sure how you buy your business will help accomplish your life goals as well as your business goals.
Should You Sign a Letter of Intent?
That depends on the terms of the letter of intent. In many cases, a letter of intent is one step in the process, but signing one without understanding what it commits you to if the deal fails could be disastrous. The attorneys at The Orlando Law Group will ensure you clearly understand what you agree to with any letter of intent.
Are There Ways to Minimize the Tax Impact in the Buy-Sell Agreement?
The answer is yes and in a variety of ways. The attorneys at The Orlando Law Group will certainly work with your accountants to minimize your tax impacts.
Will the Seller Help Finance the Acquisition?
This can be one of the terms of any agreement, along with a host of other possible outcomes from negotiating based on your long-term goals.
I Am Entering a Pitch Competition for a Small Amount of Prize Money. Should I Take That?
Even the smallest pitch competitions can have a significant impact on the future of your business as many of them require equity or future payments in exchange for the funds. It is critical you have an attorney at The Orlando Law Group review any possible agreement that could affect your business.
I Am Starting to Raise Capital and Was Considering Crowdsourcing. Can You Help?
Crowdsourcing can be a very productive method to start raising funds, however they must still follow the legal requirements for any investment. We can certainly help you structure what you want to provide to crowdsourced investors and review the terms of agreement with any of the popular sites, like StartEngine and Kickstarter.
My Mother Would Like to Invest in My Company. Do I Need a Contract for My Mother?
Some of the worst legal fights we have seen are between family members, so absolutely. It is not that you don’t trust your mother – or that your mother doesn’t trust you – it is simply outlining the terms of the agreement so there is no disagreement later.
How Does a Sale Affect My Partners?
This answer should be found in the partnership agreement developed when those partners invested in your business. If not, The Orlando Law Group can certainly negotiate on your behalf to ensure your partners – and you – are treated fairly during the sale.
I’m Looking to Sell Only a Portion of My Business. Can I Do That?
Absolutely you can – depending on your legal agreements. It’s critical you check those before seeking investment funds. We have seen franchise agreements that require a corporate buyout based on investment levels, for instance. Without proper representation, you may be forced to sell your entire business.
If you would like to schedule a consultation for business transactions or any business legal issue, please reach out to our office at 407-512-4394, fill out our online contact form or save this information in case you ever find yourself or a loved one needing to use it.