Welcome back to the Raich Law PLLC blog! Last week we shared some information on contracts when you buy or sell a business in Nevada in part two of Tips for Selling or Buying a Business in Nevada. Today, in the third and final part, we discuss closing and beyond when you buy or sell a business in Nevada.
Tips on Closing and Beyond When You Buy or Sell a Business in Nevada
When most deals close, parties generally go their separate ways. The buyer starts operating the business for growth while the seller takes his or her proceeds and pursues other opportunities, but is closing really the end of the transaction? Generally not. Even after closing, parties owe certain duties to each other – most of which are included in the contracts themselves.
For example, any confidentiality provisions, any non-compete provisions, etc. continue beyond the closing of the transaction. Furthermore, and perhaps most importantly, the financing remains an issue if the transaction included potential payments on a note or Buyer offered to pay Seller through the proceeds of the business. It is extremely important for parties to have continuing reviews of the transaction, even after closing, to ensure that no ongoing provisions of the contracts have been breached by either party, that no financing terms have been defaulted on, and that neither party has, intentionally or without knowledge, breached any duties or obligations to the other party.
At Raich Law PLLC, we work closely with our clients – before, during, and after the transaction – to ensure that our clients are positioned for success. We know and understand that we grow when our clients do. The attorneys at Raich Law PLLC in Las Vegas know how to protect our clients with strong and comprehensive contracts when they buy or sell a business in Nevada. For a free consultation, fill out our contact form or call us at (702) 758-4240 and speak to a Nevada Licensed Attorney today!