Buying and Selling a Small Business: Insights and Practical Tips

Small Business Big World

Get ready to talk small business ownership with Pat Brady, an attorney at Bergen Parkinson and a small business owner in Maine. Have you ever wondered how to find the perfect business to buy or what steps are involved in making it legally yours? We'll guide you through online platforms and dive into the importance of industry relationships and succession planning. Pat shares his firsthand experiences acquiring small businesses, offering invaluable insights and practical tips for aspiring business owners.
Forming a legal entity for your new venture doesn't have to be scary. Learn about the role of a Letter of Intent (LOI) in setting the groundwork for your purchase, and discover why an LLC might be the best choice for your business structure. Pat emphasizes the flexibility and liability protection LLCs offer, especially compared to corporations and sole proprietorships. We also explore the strategic benefits of setting up multiple LLCs, particularly for real estate investments, and the essential elements of an operating agreement to keep your business running smoothly.
This is a great episode for anyone looking into buying and/or selling a small business.

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1. Buying a Small Business (00:00:00)

2. Forming an LLC for Business Protection (00:08:50)

3. Business Financing Options and Strategies (00:21:33)

4. Asset Allocation in Business Transactions (00:29:56)