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- Clients often ask: What’s important to know when buying a business? There are four critical issues to bear in mind:
- First: Examine closely the tax history of the business so you will have a clear sense of its profitability and liabilities.
- Second: Make sure you have a strong business purchase and sale agreement, which will protect you from being taken advantage of by the seller
- Third: Make sure that there are no liens or lawsuits against the business; you don’t want a legal mess on your hands months down the road
- Fourth: Consult a competent, experienced business attorney prior to purchasing the business!