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Purchase and Sale Agreements

Hickory Purchase and Sale Agreements Attorney Facilitates Business Transfers

North Carolina lawyer negotiates and drafts effective commercial contracts

When it comes to the purchase and sale of a business, the devil really is in the details. If you’re a party to this type of transaction, you need a well-drafted agreement to protect your interests. At Donald R. Fuller, Jr., PLLC, I take a hands-on approach to understand your business, the conditions of the transaction and your objectives, so that your needs and objectives are covered. As a Hickory, North Carolina business law attorney, I am experienced in negotiating and drafting effective purchase and sale agreements for a diverse group of area businesses.

What are the key elements of a purchase and sale agreement?

Various types of purchase and sale agreements exist, so it is important to find an attorney who is cognizant of different business transactions and who can adapt quickly if terms change during the negotiation process. Your situation might involve the merger and acquisition of one entity into another or the transfer of ownership of a closely-held business owned by a single individual, a family or a small group of partners. To create a valid agreement, the parties must agree on the essential terms of the transaction, including the consideration provided by each side. A purchase and sale agreement binds both sellers and purchasers to the transfer of the business and puts in writing the essential details of the transaction. Both parties benefit from having a well-drafted, enforceable agreement that clearly spells out each side’s rights and obligations. I use my legal knowledge and decades of experience as a Hickory business attorney negotiating, analyzing and drafting purchase and sale agreements to form an agreement that meets my clients’ needs, while minimizing the grounds for legitimate misunderstanding.

Thorough business counsel handles a variety of purchase and sale agreements

Each business has its own specific requirements that I take into account in the agreements I handle. For example:

  • Convenience stores — Purchasers need a careful valuation of the business and its assets to ensure a fair price and an inventory of the goods for sale, to get an idea of consumer expectations and habits. The agreement should also allow the new owner to continue relationships with important suppliers.
  • Gas stations — A critical aspect of a gas station sale is the maintenance of the franchise agreement with the existing petroleum supplier. In addition, you might wish to include language pertaining to underground gas tanks or other potential environmental risks.
  • Travel plazas — Travel plazas along the highway might contain several different types of businesses, such as gas stations, convenience stores and dining facilities, each with its own issues to be addressed. If the sellers lease out some of those facilities to others, the purchasers should be aware of each agreement’s terms.

Regardless of the type of business involved and whether you are the seller or purchaser, I will always have your back.

What goes into a purchase and sales agreement?

The purchase and sales agreement typically includes such important provisions as:

  • A description of what is to be sold, including a valuation of the business assets and an inventory of what is included
  • The purchase price and terms of payment
  • Information on commercial franchises and leases, including rights and obligations acquired by the purchasers
  • The formation of a new business entity or succession of the old one, as circumstances require

The agreement may be signed either in person or by electronic signature and full payment is typically provided upon execution. Whether I draft the agreement myself or review and revise one drafted by the other attorney, I work hard to protect my clients’ interests.

Contact a diligent North Carolina attorney for advice on purchase and sale agreements

Donald R. Fuller, Jr., PLLC advises North Carolina businesses on purchase and sale agreements. Please call 828-639-8188 or contact me online to schedule an appointment at my office in Hickory.

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  • Hickory Office
    225 4th Street N.W.
    Suite 200
    Hickory, North Carolina 28601
    Phone: 828-578-6400
    Fax: 828-578-6403
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