ASIAN IMMIGRATION SERVICE a service of CANN LAWYERS A PROFESSIONAL CORPORATION		Contact Us Mr. Cann: fcann@fcann.com Mr. Tsai:  dannytsai88@gmail.com
FUBONN PLAZA PROFESSIONAL OFFICES 2850 SE 82nd Avenue, Suite 30 Portland, Oregon   97266  USA	Phone: 503-808-9086 Fax: 503-228-6529

SOME THINGS ABOUT BUYING AND SELLING YOUR RESTAURANT, NAIL SALON, OTHER BUSINESS

COME SEE US BEFORE YOU HAVE SIGNED AN AGREEMENT OR PAID MONEY

Mr. Cann helps you buy or sell your business in Oregon or Washington.

We are loyal to you.  We only represent the buyer, or the seller, not both.  We don't represent two or more buyers, regarding arrangements between themselves.

For buyers and sellers:  Cash sales are easier.

Representing the seller:  Cash sales are better.  Usually not too complicated unless the seller is being paid over time, or unless the seller remains on the lease.

Representing the buyer:  Reviewing and maybe changing the lease is more complicated.

INFORMATION WE NEED:

For both buyers and sellers:  Are there income statements for the business?  Are they intended to be reliable?  Is there a purchase and sale agreement already?  If so, please bring it.  Who is the landlord?  Bring the lease and all amendments.   Is there anything unusual about the business or the transaction?  When do you expect to complete the sale?  Where are the documents and money going to change hands?  Have you made arrangements for changing over utilities - gas, electricity, water, telephone numbers, web site?  How are you handling inventory?  Have you talked to your OLCC / Lottery representative?

For buyers:  Who owns the business - an individual, a corporation, an LLC?  How do you know?  Are the same people selling the business that own it? Are there 'hidden' owners?   What equipment and rights are being sold?  Do the sellers really own it 'free and clear'?  Will the sellers be allowed to compete with you after the sale?  Must the landlord consent to the purchase?  Are there lease options?  What is the rent during the option terms?  Is there enough time left on the lease to earn the purchase price and earn a living too?  Can you obtain the insurance that is required by the lease and have you talked to an insurance broker?  Do you have hidden or passive investors?  Are you going to purchase with a corporation or an LLC?  From who are you getting tax advice?

For sellers:  Have you talked to your landlord about assigning the lease?  What does the landlord say?  Have you got a financial statement / tax returns from the buyers to show to the landlord?

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© Asian Immigration Service / Cann Lawyers PC / Frederic Cann 2008-2011
This page last updated 11/21/2011

DISCLAIMER: This is an advertisement to provide legal services from our office in Oregon, on a fee for service basis.  Nothing contained here should be considered legal advice, and communication to the office from this page should not be made for the immediate purpose of obtaining legal advice or creating an attorney client relationship.   An attorney client relationship only comes into existence upon a mutual agreement by both the client and the lawyer, not just one of them, and usually requires a face to face meeting except in the simplest cases.  There may be reasons why an attorney client relationship cannot be formed, such as, and without limitation, lack of interest, cost, prior engagement, geographic difficulties, inadequate time available, conflicts of interest, probability of lack of success.  The outcome of every case turns on its facts - which may be disputed, and the applicable law - which may be disputed, and which may change. Success is common but is not guaranteed.