Author Topic: Help! I need advice on buying a business  (Read 357 times)

Lamancha

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Help! I need advice on buying a business
« on: June 27, 2018, 05:30:29 PM »
I found a business with real estate that I am interested in buying but I'm really confused about when to get a lawyer or CPA involved.   I've never purchased a business before so my head is spinning trying to figure this all out.

Should I get an attorney involved at the Letter of Intent stage, or before I even decide on a final purchase offer?

Should I hire a CPA to look over the financial records before I even know what to offer?

This is scary stuff.   Any advice would be greatly appreciated.

peeps_be_peeping

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Re: Help! I need advice on buying a business
« Reply #1 on: June 27, 2018, 05:33:57 PM »
Yes. Yes.

SeattleCPA

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Re: Help! I need advice on buying a business
« Reply #2 on: June 27, 2018, 06:01:22 PM »
Here's a blog post I wrote after seeing yet again someone struggle with the process:

Buying a Small Business: Tips and Tactics
My blog Evergreen Small Business
My free downloadable ebook: Thirteen Word Retirement Plan

Lamancha

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Re: Help! I need advice on buying a business
« Reply #3 on: June 27, 2018, 07:09:21 PM »
Thanks guys.  That's really helpful.

 Any tips on finding a really experienced attoney and accountant?   Just checking the yellow pages and Yelp seems questionable.   The business is in Washington state, but I live in another state (will relocate to WA if I  purchase ).  Should I look for help in the same town (or at least state) that the business is located?   I know I seem clueless.  I've managed and ran companies like this one for years and I'm totally confident with that aspect, I'm just a fish out of water here.

CareCPA

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Re: Help! I need advice on buying a business
« Reply #4 on: June 27, 2018, 07:11:29 PM »
Well, there's a guy right above you who is a CPA in Washington who just pointed you to an article he wrote on buying a business. I'd probably start there.
Always happy to help with tax or accounting questions - feel free to private message me or check out CareCPA.com

I am a licensed CPA in Pennsylvania. However, any tax advice I give should be considered general information and not used in the avoidance of tax. There is most likely information about your situation that I do not know, and thus you should do your own additional research.