BUYING A BUSINESS

We so much want to believe that the land of opportunity is spotted with blossoms and bright foliage, and the drive to fulfill a dream will often consume our thoughts and impede our normally good appetite. But to avoid mental reflux and sleepless nights, seeking the advice of your attorney and your accountant is like Tums for the conscience.

No attorney will rightly interfere with whatever goal it is you wish to pursue, because yours are basically business decisions, and it is your own perception of the need for the service or product which you intend to market that is paramount. A lawyer's role is best suited to helping you through the tangled web of rules and regulations which you will confront at every turn. And sometimes you may just need a shoulder to lean on--we're here for just about everything.

To start out, a new business owner should first select the most appropriate business entity in which to conduct business. Should you do it on your own, is a partnership with others going to be necessary, or, regardless of the number of players, should you incorporate, and what type of corporation best applies to your situation?

The laws continue to change in the area of business entities, and they each come with their own assortment of rules, protections, and tax advantages. On the one hand, a sole proprietorship provides an owner with the greatest flexibility in the operation of a business, but it also imposes the greatest risk of liability. On the other hand, a limited liability corporation insulates much of the liability, but the ease of doing business is somewhat reduced and accountability to others is increased.

This is why an initial consultation with our office is important from the get-go in order to insure that you've selected the right business entity to suit your needs. This is also the time to discuss what licenses are necessary to conduct business, especially if you're planning to own a restaurant or other type of regulated business. This is Florida, remember. There's plenty of opportunity to make lots of money. There's also still plenty of swampland.

SELLING A BUSINESS

Whether your dream turned into a nightmare or your IPO took off like wildfire, the day comes when you sit back in your Ralph Lauren Stagecoach recliner and say that it's time to move on. So you kick off those Bally Crocs, heave a big sigh, and immerse yourself into that tempting bliss of what it will be like once you've sold your business.

Now, of course, the flip side of this Gloria Jean moment is someone who is looking to succeed you, to turn that failure around or to pump up your venture to even loftier heights. We all think we can do better than the other guy.

The process of buying or selling a business should not be plagued with drama or remorse. It should be a smooth transition from one owner to the next, where each party is assured that their rights have been protected, their investment secure, and that no eye-popping poltergeist rears its ugly head months after the ink has dried on the bill of sale.

Can every contingency be anticipated and accounted for? No, especially when business interests compete and even after parties shake hands and part company. But problems do materialize, and our guidance and experience will ensure that your best interests are realized.