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It is advisable that you seek the counsel and representation of an experienced business attorney to help you through the process of purchasing an existing business or franchise. In order to do the best possible job on your behalf, your attorney needs information about you and the business opportunity. At your first meeting with your attorney, you should be prepared to provide, as applicable, the following information:
| INFORMATION ABOUT YOU Name ____________________________ Date of Birth ____________________________ Home Address ____________________________ ____________________________ Business Address ____________________________ ____________________________ Home Phone Number ____________________________ Work Phone Number ____________________________ Other Phone Number ____________________________ Facsimile Number ____________________________ E-mail Address ____________________________ Web Site Address ____________________________ INFORMATION ABOUT YOUR BUSINESS PARTNER(S) (Your business partners, if any, should provide the same information you have provided above) In addition, if you have business partners, who is expected to initially own the business, in what percentages, and for what contributions? Percentage of Owner Ownership Contribution ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ Which of the owners are expected to be employed by the business? _________________ In what capacities? ____________________________ ____________________________ For what compensation? ___________________________________________________ Are there any written contracts between you and your business partners, if any? Yes_______ No______ (If yes, provide your attorney with a copy) INFORMATION ABOUT MANAGEMENT STRENGTHS AND WEAKNESSES What strengths do you and your business partners bring to the table that you expect will help make the business a success? What weaknesses or deficiencies in experience do you and/or your business partners have? INFORMATION ABOUT THE PROPOSED BUSINESS PURCHASE Have you investigated or made any determinations as to whether you should structure the business acquisition as an asset purchase, a stock purchase, or a corporate merger? Yes_______ No______ (If yes, provide details) Have you taken any steps to incorporate your business? Yes_______ No______ (If yes, provide details) Have you retained a broker? Yes_______ No______ (If yes, provide the broker's name and the terms of the engagement) Have you been presented with any financial statements, documents describing the business opportunity, or a franchise offering circular? Yes_______ No______ (If yes, provide your lawyer with a copy) Have you been presented with or entered into a letter of intent concerning the purchase of the business? Yes_______ No______ (If yes, provide your lawyer with a copy) Do you have a written Business Plan? Yes_______ No______ (If yes, provide your attorney with a copy of it) Have you offered to sell or sold any interests in your business to any investors? Yes_______ No______ (If yes, provide details) Have you obtained or sought to obtain any loans for your business? Yes_______ No______ (If yes, provide details) Does the prospective business own or lease any real estate? Yes_______ No______ (If yes, provide details) Do you intend to continue operating the business from its present location(s)? Yes_______ No______ Have you retained any consultants, accountants or tax professionals? Yes_______ No______ (If yes, provide details) Have you promised an interest in the company to any consultants? Yes_______ No______ (If yes, provide details) OTHER QUESTIONS (Make a list of other pertinent questions to ask your attorney) |
