In this episode of the My SBA Loan Pro Podcast, our Host Ryan Smith, interviews Jake Parsley, M&A Attorney with the SMB Law Group as he reveals crucial insights into the legal process of Main Street business acquisition transactions.
Learn when to engage an attorney, cost considerations, and the significance of the Letter of Intent (LOI) and Purchase Agreement and everything in between.
Together, they delve into the intricacies of M&A transactions, shedding light on the vital role attorneys play in mitigating risks and ensuring a smooth deal process.
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Chapters
00:00 – Introduction
1:05 – Jack Parsley’s Bio
2:17 – SMB Law Group And Focus on Main Street
4:07 – Attorney’s Role in M&A Transactions
5:22 – When To Engage An Attorney
7:13 – Life Cycle of a Deal
9:18 – Critical Aspects of the Letter of Intent (LOI)
12:36 – Exclusivity & Purchase Price in LOI
13:08 – Changing Terms in LOI
13:44 – Seller Note Terms
15:52 – Offsetting Seller Note
19:37 – Leveraging Earnest Deposits
24:28 – Are Seller Notes Common?
26:36 – Buyer Deposits and Due Diligence
27:49 – LOI vs. Purchase Agreement
32:19 – Skipping LOIs: Pros and Cons
35:16 – Trustworthiness in The Transaction
37:27 – When and How To Contact Jake
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