Are you thinking of buying or selling a business? In this episode, Rob Fafinski and Adam Brown go through the transaction process from start to finish. Rob breaks down a deal at each step along the way, on both the buy and sell side, including asset deals, equity/stock deals, entrepreneurship through acquisition (ETA), and self-funded searches. Rob and Adam talk about letters of intent (LOI), EBITDA analysis, SBA loans and conventional lending, financial diligence, quality of earnings (Q of E), negotiations, legal due diligence, purchase agreements, earnouts, promissory notes, indemnity, warranties, disclosure schedules, and the closing process.

Rob also discusses a number of other considerations involved when a business is sold, including ongoing management of the business, HR & employment considerations, employee benefits, real estate matters, leasing, third-party contracts, leasing, funds flow, insurance and risk management, potential litigation or liability questions, carve outs, indemnification agreements, enumerated liabilities, and more. Rob and Adam also talk about the importance of building strong, lasting client relationships and trying to make this complicated and very involved experience as positive as possible for everyone involved.