Thank you for listening to the Before You Buy or Sell a Business podcast.
In this episode, host Jared Johnson sits down with M&A attorney Scott Oliver. Scott is an attorney with the Lewis Kappes law firm. Jared and Scott discuss the legal aspects of buying and selling a business, specifically with SBA lending. They also touch on Oliver's background, including his education at Purdue and IU law school, and how he ended up at Lewis Kappes. The conversation is lighthearted, including a bit of banter about the pronunciation of the firm's name.
Scott talks to Jared about legal considerations when buying or selling a business. He advises buyers to hire an attorney experienced in M&A transactions and in SBA lending, cautioning against hiring a large law firm or an attorney unfamiliar with the specific type of acquisition. Additionally, Scott emphasizes the importance of building a deal team with the right expertise to ensure a smooth transaction.
This episode also touches on the nuances of a stock vs. asset purchases, including liability considerations and tax implications. Scott Oliver explains that in an asset sale, the buyer is purchasing equipment, machinery, and goodwill, but the seller usually retains liabilities such as debt and lawsuits.
In contrast, a stock sale involves acquiring the company as it exists, along with all its issues and employees. Jared Johnson asks about how to determine which type of sale to pursue, and Oliver advises consulting with attorneys and tax professionals. They also discuss the importance of lenders considering whether stock certificates are involved and taking them as collateral if necessary. Overall, Oliver emphasizes the need for a customized checklist to ensure all necessary steps are taken for each specific deal.
We hope you enjoy this episode.
To contact Scott: SOliver@lewiskappes.com
For questions, visit https://jaredwjohnson.com/
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
