After drafting and sending a Letter of Intent or Offer to Purchase, if accepted by the seller, the closing process can begin. Closing a business is a complicated process and involves several types of paperwork. Many Business experts recommend working with a professional closing organization and a professional closing officer. While you will only buy business once, a closing organization handles 100s of transactions each year. A major advantage to working with a closing officer is they lookout for transaction and the best interests for all parties. A closing officer can efficiently handle:
- lien searches
- property tax settlements
- bills of sales
- escrow and closing instructions
- non-compete agreements
- offset agreements
- security agreements
- abandonment of assumed names
- documentation of incorporation
- settlement statements
- any other documents that maybe required for your unique transaction
In addition to saving you time pulling together all of the paperwork that is involved in a business sale, utilizing a closing organization saves you money, because you’re not having to use attorneys to draw up paperwork.
It is also recommended that Sellers and Buyers work with a transaction attorneys, who can review your transaction to be sure that it complies with all laws.
How can Gateway MA assist me with the closing process?
Gateway MA recommends that sellers work with a closing professional as well as a transaction attorney. Our Representatives have excellent working relationships with many local closing organizations.
Please note: Gateway Mergers and Acquisitions Brokers and Intermediaries will not provide any legal, accounting, or tax advice to buyer or seller and will not provide any related services to Buyer or Seller acting as licensed attorneys, accountants, or tax advisers.