Host, Peter Siegel, MBA (with BizBen) and Co-Presenter Mark Chatow (Attorney representing both California Owner/Sellers and Business Buyers) discuss the differences between LOI's and Purchase Agreements: What should they have included, how long should they be, which is better to use and in what business purchase situation. Many questions are asked and answered in this informative BizBen Webinar!
In This Webinar, We Discussed:
* What are the differences between an LOI and a Purchase Agreement?
* When would you advise a client to use an LOI to initiate a transaction rather than a purchase agreement?
* How would you respond to a Seller who refuses to sign an LOI and will only go directly into a purchase agreement?
* Are there times when you would advise skipping the LOI and going directly to a purchase agreement?
* Do you tend to draft shorter summary LOIs or to get into more detail from the start?
* What are some common mistakes buyers and sellers make regarding the LOIs and Purchase Agreement process?
* When would you recommend drafting a purchase agreement rather than using one of the standard form agreements?
* What are the three most important elements of a well-drafted purchase agreement? (From the Buyer side and Seller side)
* How do you decide how long a purchase agreement should be?
* How do you address concerns that a seller may get skittish if a buyer submits a longer purchase agreement?
* If a buyer is purchaing a business in the name of a new entity such as an LLC or S Corporation they're going to form, when is the best time to form that entity, and should the purchase be made in the entity's name or the individual buyer's name?
* At what point in a transaction should a buyer or seller talk to legal counsel about drafting or entering into an LOI or Purchase Agreement?
Host & Co-Presenter: Peter Siegel, MBA at 866.270.6278 (BizBen Founder, Advisor, Business Purchase Financing Expert), Mark Chatow, Esq. at 949-478-8393 (Legal Assistance: Contracts, Review, Negotiations, etc.)
Listen to this Webinar above on my BizBen Vlog/Podcast Program and let me know your experiences with LOI's and Purchase Agreements below (comments are open to Premium BizBen Subscribers/Viewers).
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|Helen Yoo: Escrow & Bulk Sale Services - Southern California
New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 626-890-1151.
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California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 888-383-3331 or 209-838-1100.
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Escrow services to brokers & agents, owner/sellers, & buyers. Established 43 years. Extraordinary service. Experienced with handling difficult transactions. One stop for all your escrow needs: Bulk sales, lien searches, UCC searches, liquor license transfers, publishing & recording services.
|Willard Michlin, CPA, Certified Fraud Examiner, Due Diligence Services
Willard Michlin, CPA #106752, offers buyers step by step training & assistance in doing Due Diligence Services when they are thinking of making an offer, or are in process of investigating a business purchase. He helps to determine the actual net profit even when there is cash. Call 805-428-2063.
|Elizabeth McGovern: Escrow Services - SF Bay Area
McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645.
|Joe Sandbank, Esq. - Legal Services
I have provided legal counsel to business buyers, sellers and brokers for over 17 years. With prior experience as a business broker and SBA loan officer, Joe brings both a practical and legal approach to all aspects of the business acquisition process.
|Janet Carrera - Escrow & Bulk Sale Services - SF Bay Area
Redwood Escrow Services, Inc. is a full service, licensed independent escrow company. We are EAFC Fidelity bonded, fully insured & licensed with the Department of Corporations. Committed to offering our clients the most comprehensive variety of escrow services available. Phone Janet at 510-247-0741.
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