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1. Due Diligence: To research the Seller’s Business, which includes but not limited to: Business Finances, Legal Issues, Employees and Business Structure.
2. Know What you are Buying: The entity and any stock in that business, or as assets of the business.
3. Form a New Legal Entity: It may be advisable to create a new entity that will acquire the assets of the target business.
4. Write Up a Letter of Intent: This is a non-binding agreement outlining what is to be done when the buyer and the seller have generally agreed upon the terms of the transaction.
5. Negotiate Purchase Terms: Sales agreement.
6. Focus on Board Employees: Don’t assume that the employees will automatically be transferred to you.
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