dan parsons
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Rated 5 out of 5 stars
Love being able to schedule an appointment after 5:30. The videos have a lot of great information, that I never would have thought of.
Free Business Buyer's Checklist
Before You Make an Offer
Six things every business buyer needs to know before signing anything. Get the checklist that covers financing, deal structure, LOI terms, and the mistakes that kill deals.
- Know your financing options before you negotiate
- Understand what you're actually buying (and what you're not)
- Avoid the LOI mistakes that cost buyers thousands
- Know who should be involved and who shouldn't
- Used by Surge Business Law clients in real acquisitions
Get Your Free Guide
Trusted by Business Buyers Across Iowa and Texas
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Justin Clay
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Rated 5 out of 5 stars
They put together step by step learning modules that take you through key aspects of running a business and they have made the process very simple.
Jason Yates
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Rated 5 out of 5 stars
What's Inside the Checklist
1
Know How You're Paying
SBA loans, seller financing, ROBS, cash, and blended structures. Each option changes the deal, and your checklist breaks down the tradeoffs.
2
Know What You're Buying
Asset purchase vs. share purchase, tangible and intangible assets, existing contracts, and liabilities. What transfers and what stays behind matters more than most buyers realize.
3
Know Your Basic Terms
Purchase price, timeline, exclusivity, non-compete clauses, and contingencies. These are the terms that shape your LOI and protect your position.
4
Know Who's Involved
Brokers, attorneys, CPAs, key employees, and confidentiality agreements. The right team at the right time keeps the deal on track.
5
Do Your Homework First
Financials, valuations, liens, pending litigation, and lease terms. Due diligence is where deals survive or fall apart.
6
Things People Forget
Online presence, personal guarantees, business name ownership, domain names, and vendor relationships. These details get overlooked until they become expensive problems.
Sign an LOI, Not an Offer
There is a big difference between a letter of intent and an offer. An LOI is typically non-binding. It gives you room to negotiate terms, conduct due diligence, and walk away if something doesn’t add up. An “offer” can create an irrevocable contract that locks you in before you’ve had the chance to look under the hood.
Some sellers and brokers push buyers toward binding agreements early. That pressure is a red flag, not a compliment. A well-structured LOI protects both sides and sets clear expectations for the rest of the process.
Before you sign anything, talk to an attorney who understands business acquisitions. A short conversation now can save you from a costly mistake later.
Common Questions from Business Buyers
Do I need an attorney to buy a business?
You are not legally required to hire an attorney, but buying a business without one is risky. An attorney reviews the purchase agreement, identifies hidden liabilities, and makes sure the deal protects your interests. Most buyers who skip legal review regret it when problems surface after closing.
What is the typical timeline for buying a business?
Most business acquisitions take 60 to 120 days from signed LOI to closing. The timeline depends on financing, due diligence complexity, lease assignments, and how quickly both sides respond. Deals with SBA financing often take longer because of lender requirements.
How much does it cost to have an attorney review a deal?
Attorney fees for a business acquisition vary based on deal size and complexity. At Surge, we offer transparent pricing for transaction review. A consultation can help you understand what's involved and what to budget. Contact us for current pricing.
Do you work with buyers outside Iowa?
Surge Business Law is licensed in Iowa and Texas. We regularly work with buyers in both states and can assist with transactions involving businesses located in those jurisdictions. If your deal involves another state, we can help you find qualified local counsel.
Ready to Make Your Move?
Download the free checklist and know exactly what to prepare before you make an offer on a business.