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Richard, Attorney
Category: Legal
Satisfied Customers: 53725
Experience:  Attorney with 29 years of experience.
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I am trying to buy an existing dry cleaner business(been

Customer Question

I am trying to buy an existing dry cleaner business(been around for 16 years). I am in texas. can you tell me what questions or what to look for ,to enable make a wise decision to buy or not to buy
Submitted: 4 months ago.
Category: Legal
Expert:  Richard replied 4 months ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 4 months ago.

I can give you some general direction, but without knowing what you know and your prior experience, it's hard to give you the specific questions. What you want to do is structure this as an asset purchase rather than a purchase of the business itself so you avoid stepping into any existing liabilities, lawsuits, etc. To do this, you want to enter into an Asset Purchase Agreement which provides for the seller to deliver a comprehensive list of documentation regarding all aspects of the operations of the business, existing contracts, any lawsuits, existing lease, financial records, etc., etc., and giving you a due diligence period to review these materials. The Asset Purchase Agreement also will contain a list of representations and warranties that the seller must make with regard to the business. Once you have had a chance to review all the information provided, you can then make a determination of whether or not to move forward. :)