Businesses are bought and sold every day. However, for many closely held business owners, the purchase or sale of a business can be a once in a lifetime transaction. Whether you have grown your business through acquisitions, or have never engaged in a business purchase or sale transaction, this article will set forth some of the more important legal considerations for both buyers and sellers.

While an attorney can advise a buyer or seller on these legal considerations, a party preparing to engage in a purchase or sale transaction may also wish to consult with one or more other professionals. For example, a certified public accountant or other valuation professional may be engaged to value the business being bought or sold; a broker may be engaged to assist in finding a buyer or seller for the business; a financial planner may be engaged to assist the seller in investing his or her newfound wealth; and a banker may be engaged to assist the buyer in obtaining financing for the purchase price.