Often, we are called upon to work on a business transaction where clients will call our law firm
and ask us to simply put together some documents. “Give us a standard set of documents for our deal,” is what we hear–whether it be a merger, a private equity fund formation, a partnership agreement, a non-disclosure agreement, continuity planning for the death of an owner of a business, or other transactions.
The truth is, closing a deal is more than just the paperwork. That you only have to fill out documents is a misguided notion. Do what is right for your business and your company. Tailor things to your situation by understanding what is going on in the transaction. Look at what the terms mean. Look at the details of the partnership agreement and think about how they are going to work in the event of a death, disability, divorce, disagreement, or other possible events among partners.
How will the company keep moving forward and creating the right economic incentives? How do these mechanisms work? How does your merger agreement impact what will happen after the merger? Are some of the provisions going to come back and cause problems for the seller?
These are things to think about when it comes to choosing a law firm. It is more than standard paperwork. It is about getting the right documents for the right situation, tailored to the details. Work with lawyers who know what they are doing, who have been there before, who can help you make sure that you have the right documents for your business.
What has been your experience? Have you ever seen documents that have been incorrectly completed because someone was in a hurry? Have you ever seen teams that did not put the right amount of attention on documents? Join us in the comments below and let us know your thoughts and experience.
This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity. Freeimages.com/Photographer Keigirl.
About the Author
Shawn McBride — R. Shawn McBride is the Managing Member of The R. Shawn McBride Law Firm, PLLC. Shawn works successful, private business owners in their growth and missions to make a company that stands the test of time. You can email R. Shawn McBride or call (214) 418-0258.
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