When it comes to hiring an attorney to structure your chauffeur business sale, you really do get what you pay for. An experienced attorney can manage even the most complicated business transactions smoothly and seamlessly. However, an unqualified lawyer can make a seemingly perfect deal vanish into thin air.
Attorneys have a reputation for being expensive – maybe that’s why owners feel compelled to look for a bargain. But do you really want to skimp on what will likely be the most important financial deal of your lifetime? While it’s not necessary to pay $750 per hour for a big-shot lawyer, being willing to pony up a bit more cash for an experienced transaction specialist can save you money – and heartache – in the long run.
While it’s fine to seek legal advice from a general attorney during regular business operations, a business sale is an especially sensitive matter. Just like you and your employees, the attorney you hire represents your company to prospective buyers. This isn’t the time to hold the hand of an inexperienced lawyer just learning the ins and outs of the limo business. Likewise, when you’ve got a deal on the line and a buyer with cash on the table, you can’t waste time waiting on a high-profile lawyer with limited availability. The limo industry is a competitive marketplace, and many companies are on the market at any given time. One wrong move could send your best buyer down a different path with someone else. The right attorney understands the urgency inherent in dealing with a limo company for sale.
Lack of Experience
Passing the bar means an attorney is qualified to practice and interpret law. It doesn’t mean an attorney is qualified to effectively handle a complex business transaction. Your lawyer will be responsible for creating a purchase agreement that lays out a price, terms, and closing conditions of the sale. How long is the seller expected to stay on for new-owner training? If the buyer won’t be acquiring every vehicle in a fleet, is there a plan for the remainder? An agreement that is missing important information can leave room for disputes and other complications down the road. An attorney with experience in the limo industry is in the best position to advise business owners on risk unique to putting a limo business for sale. An attorney without experience may create risk.
The Bottom Line
The role of an attorney is to protect a client’s interests, whether it’s by examining a buyer’s background, verifying a financial commitment, or offering tax counsel. The longer a transaction takes, the more likely a buyer is to back out. Whether you’re selling a limo business, buying a limo business, or merging with another company, a lawyer with proven transaction experience in your industry can navigate the deal quickly and smoothly.