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Learning, Sharing, and Teaching => Entrepreneurship => Topic started by: Lamancha on June 27, 2018, 05:30:29 PM

Title: Help! I need advice on buying a business
Post by: Lamancha 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.
Title: Re: Help! I need advice on buying a business
Post by: peeps_be_peeping on June 27, 2018, 05:33:57 PM
Yes. Yes.
Title: Re: Help! I need advice on buying a business
Post by: SeattleCPA 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 (https://evergreensmallbusiness.com/buying-a-small-business-tips/)
Title: Re: Help! I need advice on buying a business
Post by: Lamancha 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.
Title: Re: Help! I need advice on buying a business
Post by: CareCPA 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.