Business Acquisition & Sale
Buying a Business in Calgary
Business Buying in Calgary, Alberta or anywhere is both an exciting and scary proposition for many. With the many opportunities of buying a business, come many risks. Lawyers can help you reduce the risks associated with buying a business. Kahane Law is here to help from start to finish. Call before you sign anything 403-225-8810.
Picking a Business to Buy
The steps of business buying are not complicated. Firstly, you must decide on what type of business you want to buy. A lawyer cannot help you with this step. You must pick what type of business you are interested in operating. Our best advice is to look at businesses in an area that you are passionate about.
Valuating the Business: How much to pay for the business
Next, you must decide what you are willing to pay for the business. You can get an accountant or business valuation specialist to help. As a lawyer helping people to buy a business, we recommend that you pay attention to what you can afford, what the final price will be (including inventory if applicable), what exactly you will be getting for the price of the business, what hidden costs you may have, etc.. Using a lawyer or accountant in Calgary, when buying a business in Calgary can be useful from a practical and knowledge based perspective.
Financing your new Business
Part of buying a new business is paying for it. The simplest way to buy a business is if you have the cash or funds on hand to pay for it. Not everyone has the ability to pay cash for their new business. The two other ways of buying a business is vender financing and lender financing. vender financing is where the seller accepts payment for the business over time. Lender financing is when you get a loan to help you buy the business. There are some Canadian government programs to help people buy their new small business.
Getting a Lawyer to Draft the Agreement for Buying a Business
Drafting the agreement is a key step to buying a business. Using online forms may not recognize location specific laws. For example, the laws in another province or state may not be the same as in Calgary, Alberta. Lawyers can help reduce the risks of buying a business. Lawyers not only help ensure that you get what you are supposed to when you are buying a business but also allow for a due diligence period. This time frame gives you time to make sure that you fully understand what it is that you are buying. This is a key step to protecting yourself when buying a business.
Share Purchases vs. Asset Purchases: Lawyers Help You Decide when Buying a Business
Of all the steps in buying a business, this can be one of the biggest decisions. There are both accounting and legal implications when you buy a business as an asset purchase compared to a share purchase. If business buying, it is extremely important to discuss asset purchase and share purchase with your accountant and you lawyer.
Protecting Yourself When You Buy a Business
Finding a lawyer that you trust is important when you buy a business. Many businesses fail in the first year of operations. Lawyers can help you reduce your risks when you buy a business. We inform you of potential hidden costs, limit your liability, are available as advisers, and can make sure that your business is structured in a way that works best for you.
Types of Business that Our Law Firm has Helped People Buy
Our law firm has help people when buying many types of businesses. The following are some examples.
- Accountant Businesses
- Chiropractic Offices
- Investment Planners
- Coffee shops
- Oil & gas service businesses
- Manufacturing Businesses
- Research & Development Businesses
- Gas stations
- Specialty stores
- Convenience stores
- Automotive repair
Finding a Lawyer to Help When Buying a Business
The Lawyers at Kahane Law Office can help when you are buying a business. Call us now so that we can get involved early in the process to help ensure that you start off properly and protected. He are here to help. Call 403-225-8810 in Calgary and southern Alberta or toll-free at 1-877-225-8817 or email us directly here.