Are you considering buying or selling a  business? Do not overlook the role of due diligence, whether it is a concrete plan or a potential future endeavor. Many buyers encounter obstacles when acquiring a property due to sellers failing to conduct thorough due diligence. Taking proactive steps and adequately preparing beforehand can pave the way for a seamless and successful transaction that benefits both parties. Gaining insight into the bank’s involvement in the acquisition process allows you to address any necessary tasks before engaging the bank or the buyer’s counsel, ensuring a smoother and more efficient sale.

In the latest episode of Private Practices in Maine, Michael sheds light on the aspects you must be aware of before embarking on the purchase or sale of a business. From knowing the ideal timing for involving the bank to understanding when to enlist the help of counsel, he provides tips to ensure a smooth and successful transaction. Moreover, Michael also emphasizes the significance of conducting thorough due diligence because it can be the key to saving substantial time and money throughout the closing process.

Even if you believe you have a solid understanding of the necessary steps in a business transaction, there are often-overlooked elements that can make all the difference in achieving a favorable outcome. In this episode, you’ll hear:

  • Common pain points sellers of businesses often experience when they underestimate the level of due diligence that the buyer and the buyer’s lender will have to do to close the transaction. The red flags Sellers should be aware of as they move through selling their real estate or business and how they can complicate the sale proceedings. 
  • Why Sellers should be conducting periodic checkups on their businesses and real estate assets.  

It’s easy to overlook potential issues before starting the purchase or sale of a business or property, but finding them before you proceed with a transaction can create fewer headaches for both parties.

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