When to Hire an M&A Attorney
When you are selling a business, there is always a lot of debate about whether or not to hire an M&A attorney. Business brokers are not attorneys (or accountants), so it’s always in our and your best interest to make sure you receive proper guidance and advice.
Some people will tell you hiring an attorney is a sure-fire way to kill a deal. The process can become protracted and we all know time kills deals. Others will tell you they enlisted the help of their long-time attorney who’s been advising them about their business for years, only to have the process stalled and stress levels elevated.
Both of these situations can be avoided if you hire the RIGHT type of attorney an M&A attorney. We, at Accelerated Manufacturing Brokers, recommend to our clients that they enlist the support of a Mergers & Acquisitions attorney as part of your team. These men and women know the process, the law and can be a huge asset in helping you navigate these unfamiliar waters.
Our Recent Experience with a Seller’s Non-M&A Attorney
We recently closed a deal in which the seller chose to, contrary to our advice, engage their long-time business attorney a few weeks before the closing. From that moment forward, at every step of the way, there were new, and often unnecessary, hurdles to leap over. The purchase and sale agreement was signed, then changes were requested. Documents were requested that had already been provided. Documents were not provided that had been requested. The buyer received a document requesting his signature that never should have happened. To say that the stress levels for the seller, the buyer and the broker went through the roof is an understatement.
The story ends happily for all, as we closed the transaction on the scheduled date. Yet, at the end of the day, everyone should be spared the extra dose of anxiety. And enlisting the support of a professional who specializes in this area is a wise decision and worth the spend.
Contact us with any questions.