Looking to purchase a business/product line and hoping someone can fill me in on what the actual execution process of purchasing it looks like. Not worried about the evaluation etc, I got that figured out.
My concern since I want to keep the name, is how to ensure I do not get any unwanted baggage a few months down the road. (bill collectors, pending lawsuit etc)
For example when you purchase real-estate you have an agent that does all the fancy paperwork, and the escrow company that confirms the title is clean and clear, no liens etc, whats the equivalent when buying a business.
Its not a huge chunk of money, I would be paying cash no bank needed.
Little background:
I would be taking over the product line along with it would come the digital CAD and CAM data, a few fixtures, current inventory, website etc.
No employees, machines, or lease agreements etc.
Hoping I don't have to go spend half the business price in lawyers fees.
Still need to talk exact details with the seller, but looking for some background before going into that conversation.
Do I just purchase the physical items, and amend the name slightly so the public thinks its the same company, but to debt collectors I have no ties.
My concern since I want to keep the name, is how to ensure I do not get any unwanted baggage a few months down the road. (bill collectors, pending lawsuit etc)
For example when you purchase real-estate you have an agent that does all the fancy paperwork, and the escrow company that confirms the title is clean and clear, no liens etc, whats the equivalent when buying a business.
Its not a huge chunk of money, I would be paying cash no bank needed.
Little background:
I would be taking over the product line along with it would come the digital CAD and CAM data, a few fixtures, current inventory, website etc.
No employees, machines, or lease agreements etc.
Hoping I don't have to go spend half the business price in lawyers fees.
Still need to talk exact details with the seller, but looking for some background before going into that conversation.
Do I just purchase the physical items, and amend the name slightly so the public thinks its the same company, but to debt collectors I have no ties.