Thinking about buying or selling a business in the state of Ohio?
In this quick blog post, we’ll share a brief checklist of things to consider.
Checklist for Buying or Selling a Business in Ohio
It is essential when you purchase (or sell) a business that you develop a list that includes the following:
1) all of the equipment, inventory, merchandise and other assets of the business;
2) all of the debts and liabilities of the business;
3) all real estate property leases, vehicle leases and sale agreements;
4) customer contracts in process, including those worked throughout the years under the business;
5) an assignment of all rights, title and interest in the business name and trade names;
6) all computer, software, hardware and systems that are used in the business;
7) the business telephone numbers, cell phone numbers, fax numbers and any other numbers used in the conduct of your business and any related trade names;
8) all of the business records relating to the assets, properties and rights related to your business and related trade names;
9) all active and inactive customer lists and data for the business and related trade names;
10) all business documents, training documents, software, patented materials and trade documents;
11) any other assets and liabilities.
Purchase Agreement FAQs
After gathering all of these documents, you’ll need a few transactional documents drawn up. The most obvious is an agreement for the purchase and sale of the assets and liabilities. This should also include an assignment of rights, bill of sale and certificates from the buyer and seller acknowledging all of the representations and warranties contained in the agreements. It should be documented that the buyer and seller have performed and complied with, in all material aspects, all the terms and conditions required by the agreements.
In every agreement for the purchase and sale of assets, all of the purchased assets and liabilities need to be clearly stated. The agreement also needs to detail the liabilities to be assumed by the buyer (and the seller’s obligations for any liabilities and responsibilities). The purchase price and compensation needs to be clearly stated, as well as the buyer’s and seller’s representations and warranties. All of the closing conditions of both buyer and seller need to be stated, as well as language that indemnifies and holds harmless both parties.
Confidentiality Clause
Our firm also includes a confidentiality clause, confirming that the agreement will be confidential and the parties (and its employees) will not be able to divulge any confidential information for any third party.
Questions About Buying or Selling?
If you’re buying or selling a business in the state of Ohio, our team can help you through the process. Chat now with someone from our office located in Columbus, Ohio.
