How to Prepare for the Legal Aspects of Selling Your Business

Are you contemplating selling your business or creating an exit strategy? 

It could be tempting to jump into the process of selling your business without hiring professional advisors such as a lawyer or an accountant to avoid paying professional fees. Our guest, however, explains why having access to professional advice and guidance from experts who have broad experience in the legal and financial aspects of the sale process can be tremendously beneficial in successfully closing a deal. 

On this episode, lawyer and business advisor Dan Cotter shares useful insights that you can use to prepare yourself for the legal side of closing a successful, mutually beneficial deal.

Questions Answered For You

  • Are there certain challenges and certain legal repercussions that could occur if someone such as yourself, a legal professional, is not involved in this sale of the business?
  • What does a seller need to know before accepting a letter of intent or LOI? 
  • What is the process once a seller accepts an offer? What role do you, as a lawyer, play at that stage?
  • What does “once and done” mean when you are talking about a business sale or perhaps in your particular case in this particular deal, and why is that important?
  • What is a good tip or rule of thumb for a buyer to remember in order to take this “once and done” approach?

My advice to all of my clients, whether it is an M&A or just another contractual matter, is that it's better to be proactive and have a lawyer that they trust to spend half an hour or a small amount of time to review a contract because if the contract is problematic and they sign it without spending that time, it’s much more costly in the back end to fix or address issues that have come up from a poorly drafted contract.

- Dan Cotter

Key Takeaways

  • In selling a business, getting advisers such as lawyers and accountants on board early on during the sale process is crucial to the success of the deal. 
  • Regardless of which side of the deal you are on, you must examine the agreements to check whether they have provisions that prevent the seller from taking those agreements and assigning them to the buyer. Check for provisions like this: ‘On the event of a change of control such as a sale of the business, the agreement cannot be assigned to any third party without the customer’s consent.’ 
  • Unlike in product-based businesses, service-based companies are selling relationships with customers and agreements, not hard assets. This makes it more difficult to put a value on service-based businesses. 
  • A term sheet or a letter of intent is a high-level document that outlines the understanding of the buyer and the seller regarding the purchase price, what assets are being purchased and whether the entire company is being sold. It is subject to due diligence and is not legally binding until agreements are “fully fleshed out.” 
  • Many times, sellers and even buyers are tempted to just use a form, an LOI or to enter it without incurring any outside adviser fees or expense. Dan Cotter considers this “a bad idea.” Sellers, according to Dan, need to understand that the LOI is not the final agreement. 
  • Dan Cotter’s advice to sellers to help them move successfully toward closing a deal: 
    • Learn to separate personal from the business side of selling your business. Selling a  business is like selling a house, in which the owner has created something from scratch and has built it into a successful organization. One thing to keep in mind: “The process can become very personal, and it is very difficult to separate that.”
    • Get some good advisers on board once you’ve contemplated selling your business. Reach out to an expert who can help you with valuation, brokering transactions and market knowledge. “If you are serious, having advisers in place and thinking that through is a very good idea.” 
    • In selling a service-based business, you need to understand the valuation methodologies that are available. This helps you get a good idea of the range of potential value for your organization.

Read Full Interview

Jeff: With real stories from real business owners and associated providers of third-party services, this is Done Deal.

Hi, my name is Jeff Allen, and Done Deal is brought to you by Morgan & Westfield. On this edition, we are going to change things up just a little bit. 

Instead of talking with a business owner about their experience selling their business, Dan Cotter is an attorney and partner at Butler Rubin Saltarelli & Boyd in Chicago. We're catching up with him following a successful sale involving one of his clients’ businesses to get a legal professional's perspective on the sale process and how it all worked out for his client, how it all came down, and what his involvement was. 

Dan, it's good to talk with you again. Welcome back to the program.

Dan: It's good to talk with you as well, Jeff, and thank you for having me on your program again. 

Jeff: Dan, you might remember when we visited the first time on Deal Talk, we had a completely different conversation. It was one involving cybercrime and cybercrime’s threats to valuations. For those people who’d like to go back and listen to that program, all you have to do is visit the Morgan & Westfield website — that's morganandwestfield.com and go to Deal Talk. You can look that show up once again with Dan Cotter on cybercrime’s threats to valuation. 

But this time, Dan, we've got you here on Done Deal talking about the follow-up, the post-interview following the sale of a business that you were involved with and your client. Now for legal purposes, we are not able to talk about too many specifics in this particular case. We can't talk about the owner themselves or their specific business necessarily, but we can speak about a number of generalities here, and that's what I would like to do with you, Dan. 

To start, give us an idea what kind of business this was, the kind of industry that it was involved in.

Dan: Sure. So this deal, this particular transaction was a sale of assets of a service industry provider. A company that had a number of contracts with customers that were retaining the seller for purposes of providing services to their organizations. 

Jeff: Now right off the bat, Dan, when we were talking about contracts, and depending on the type of business that you have, you could be dealing with a lot of contracts insofar as your vendors and suppliers are concerned, and of course your clients, your customers themselves. 

When you get involved in a sale where there are a number of contracts involved, whatever those contracts might be, is this something where you know you are going to have a tremendous amount of involvement in? Are there certain challenges and certain legal repercussions that could occur if someone such as yourself, a legal professional, is not involved in this sale of the business?

Dan: That is a great question, Jeff. Yes, there are a number of legal hurdles and potential obstacles. In many cases, sellers — and buyers for that matter — do not want to get advisers, whether it’s lawyers or accountants or deal brokers, involved early in the process. Especially in a deal and a transaction where it is a service industry that’s being bought or sold, it is really crucial, I think, to have lawyers and other advisers early on in the process.

The reason is this: With contracts and service contracts that a seller has — regardless of what side of the deal you are on — you need to take a look at those agreements and determine first and foremost whether or not those agreements have any provisions that would prevent the seller from taking those agreements and assigning them to the buyer. 

Oftentimes, what we'll find in service agreements and vendor contracts — and I’ve drafted many of them over the years on both sides — is that the customer wants entity XYZ or individual A to perform the services that are contemplated by that service agreement. And so they have provisions that say that, for example, on the event of a change of control such as a sale of the business, the agreement cannot be assigned to any third party without the customer's consent. 
 

My advice to all of my clients, whether it is an M&A or just another contractual matter, is that it's better to be proactive and have a lawyer that they trust to spend half an hour or a small amount of time to review a contract because if the contract is problematic and they sign it without spending that time, it’s much more costly in the back end to fix or address issues that have come up from a poorly drafted contract.


If you have those types of provisions in the agreements for services, that can present a challenge because unlike a retail store or a company that is selling with inventory, that's what the purchasers are buying. In the instance of a service industry seller, what’s being purchased and sold is in fact just those relationships and those agreements. So that is one of the items that I think is important for advisers, including lawyers, to be involved on the front end. 

In addition to that, I think one of the other challenges is that when it comes to having service agreements in place, it is very difficult or can be [difficult] to put a value on the business other than net revenue or net income for a couple of year period and try to figure out a multiple. Again, you are not buying computers, desks, offices, property plant, and equipment. So having the proper advisers in the front will save a lot of headaches for both the buyer and seller on the back end.

Jeff: And you talked about being involved in the early stages, Dan. When you got involved, was this one of those things where you could see, "This is going to take some time here. There's no way that we're going to be able to sell this company within 9 months, within 12 months, within 15 months” whatever the case may be? Were you brought in at such a stage where you knew that there is a lot of prep work in advance, that there was going to be a fairly long period before you knew that the deal could be consummated? 

Dan: In this case, I was brought in when the seller had already, I believe, indicated that they were interested in selling their business. I was brought in during the negotiation with the entity that eventually purchased the assets of the business. The letter of intent and the agreement was close to being final and hadn’t been fully realized. 

This transaction took, I think, 3 or 4 months from start to finish. Not an extensively long period of time, but the main hurdles even once the letter was entered into, the letter of intent, and the parties agreed on terms is based on due diligence and just a review of everything taking place. There were some adjustments to the eventual purchase price.

Jeff: We are going to talk about the letter of intent or the LOI here in just a couple of minutes, Dan. But what is the process once a seller accepts an offer? What happens from that point? And what role do you play at that stage?

Dan: Sure. Once a seller accepts an offer, that offer is typically memorialized in a variety of ways. It could just be by a simple letter. More and more these days, the prevalence of email as our main communication and a business transactional tool. It could be as simple as the buyer or the seller confirming the conversation that was taking place that would buy X assets for Y price and close on such and such a date. 

Then what typically happens is that you would see either a term sheet or a letter of intent. Both of them are just high-level documents that always reference that 1) they are not binding until agreements are fully fleshed out, and 2) they are subject to due diligence and other basic factors. 

Jeff: Did you actually help draft those documents, or are you at least a part of the process where you go through and you vet those documents, making sure that they are sound and that they are all legal?

Dan: In this transaction, I reviewed drafts that were put together by the buyer and provided input and recommendations for edits and for finalization. So I was involved in that process. 

It is really important once the parties have figured out what it is that they offer in acceptances, they’ve got a meeting of the minds, to really document well what those agreed-upon conditions are. In this case, the letter of intent was pretty well defined in terms of all the different moving pieces, price, and continued retention of the seller for a period of time. 

The first step is giving some kind of letter of intent or term sheet to finalize, memorialize, signed by the parties. Once that happens, it is off to due diligence and the process of negotiating the definitive agreements that, unfortunately, are full of legalese and a lot of boilerplate language but are all designed to protect both parties in the transaction as much as possible. 

Jeff: We are looking at the sale of a service-oriented business, not from the business owner's perspective but from an attorney's perspective. 

Dan Cotter is an attorney and partner at Butler Rubin Saltarelli & Boyd in Chicago. We are glad to have him with us in the program today, once again brought to you by Morgan & Westfield. 

Dan, what other parties were involved along with you as part of this deal to make sure that it went through as successful as possible for both parties?

Dan: On the seller side, in addition to myself as legal adviser, we had a broker involved and then we also had the CPA (certified public accountant) for the seller was involved. The reason for that is again there were questions that came up during the deal that come up during any deal in terms of assigning value to assets as part of the sale, tax consequences of the deal, and so on. On the seller side, those were the three groups of advisers that assisted the seller in this transaction. 

On the buyer side, they had their lawyers as well. I don’t know if they used other resources, but typically they would have somebody that has expertise in tax, so that’s typically the CPA that’s been doing the books and records and providing the tax filings for their organization.

Jeff: Now who did you communicate mostly with when you were going through the day-to-day? I know that there are different tasks and different responsibilities each day that you would take care of. Who did you find that most of your interaction was in this particular situation? 

Dan: In this particular situation, it was the principal, founder and owner, the seller. On a daily basis, we would interact, but I also dealt with the broker as well because again a lot of the questions and the kind of guidance and shepherding through the deal involved him interacting with the principal on a regular basis. But principally, my contact on a day-to-day basis is with the seller and owner of the company that was being sold. 
 

This document [LOI] is important for the seller to understand that it’s not the final agreement. It is not spelling out all terms and conditions. And the seller does not want to be locked into having to sell the business, if the buyer came back and said, "we offered you half a million dollars for your business but we've done due diligence and revised purchase price is $50,000," and there are no caveats in the letter of intent that the seller has the option to turn down a negative offer.


Jeff: I want to ask you two pieces of information that are really, really important. Some drafts and documentation that are critical to the sale of many businesses and you could probably say just about all businesses where there are attorneys such as yourself involved.

Let's talk about the letter of intent for a moment or what is also known as the LOI. This is obviously a very important document that is part of the sale process, and this is presented on the part of the buyer of a business. Let's talk a little bit about what kind of language that document has in it, and why that language is important that we need to make sure that we are very specific in it, and what your advice is for a seller who is presented with this document. They might be tempted to accept it very quickly, especially if it is their first business and they are anxious to cut a deal and move on.  

But let's just talk about it, why it’s so important, and what a seller needs to know before they accept a letter of intent. 

Dan: Sure. A number of reasons why the LOI or letter of intent is so important to the transaction. First and foremost, again, it sets forth the kind of high-level understanding of the parties about what the purchase price is, what assets are being purchased, or if the entire company is being sold. Is it a stock purchase agreement or unit sale, if it’s an LLC? Typically it will have some caveat language that says that the letter of intent is subject to due diligence period and that the price and other terms and conditions will be negotiated between the parties based on what comes up in due diligence. 

You know oftentimes as you mentioned, Jeff, sellers are tempted, and sometimes buyers as well, to just use a form, an LOI, or to enter it without incurring any outside adviser fees or expense. 

That is a bad idea, and I can give you an example of a situation from about 2 years ago. I was brought into a transaction where the letter of intent had already been signed. I asked for that as part of my process when I first interviewed, in this case, it was the buyer of a retail establishment and received a letter of intent. It was a very brief letter of intent but it had some very bizarre language in it. For example, it said that the buyer represented, warranted, and gave assurances that the financial statements of the seller were fully accurate. That’s problematic because if you are buying something, how can you be in the position to attest that the financial statements are accurate, right?

Jeff: Exactly.

Dan: That was one problem that was in this case, there was an earnest money deposit where the buyer immediately agreed to give the seller a sum of money for the deal. There was nothing about it being refundable. So there were other problems with it. 

So, again, this document is important for the seller to understand that it’s not the final agreement. It is not spelling out all terms and conditions. And the seller does not want to be locked into having to sell the business, if the buyer came back and said, "we offered you half a million dollars for your business but we've done due diligence and revised purchase price is $50,000," and there are no caveats in the letter of intent that the seller has the option to turn down a negative offer.

In addition, oftentimes what you see in a letter of intent is a period of exclusivity where the buyer has the only ability to interact with the seller for a period of time. It may be 3 months, it may 6 months, it may be 30 days. Again, the seller needs to understand what that means in terms of being able to shop the business, especially if they’ve put their business up for sale, and what that does to interacting.
My advice to all of my clients, whether it is an M&A or just another contractual matter, is that it's better to be proactive and have a lawyer that they trust to spend half an hour or a small amount of time to review a contract because if the contract is problematic and they sign it without spending that time, it’s much more costly in the back end to fix or address issues that have come up from a poorly drafted contract.

Jeff: Is that a relatively common mistake that you see, Dan Cotter, from time to time that you understand these stories whether they are presented to you in person by actual clients that you have taken on because they ended up accepting something that just is not just going to fly? Or there are just not the proper documentation to back up certain terms in the language in the contracts and so they end up coming to you after the fact, saying, "hey, there are some stuff that we need to clean up” or “there is something that just is not right."
 

I cannot tell you how many times I’ve had a friend or former internal executives, when I was in-house, or other folks inquire about what their ability is to move on to something else ... oftentimes when you ask them why they signed something without reviewing it or thinking about it, they will respond that they had no choice. But it is better to be proactive and penny-wise rather than pound-foolish.


Dan: That is often the case and that's understood. A lot of small and mid-sized business, even the large ones, they look at what the legal market is and the costs that are involved in it. Oftentimes, I think the legal profession is seen as being a profession that inserts hurdles and issues where none don't exist. But again, it will oftentimes. 

I've have had situations where business owners, they might be co-owners and partners in a deal, will come when they want an exit or sell or move on to something else, and oftentimes the documents that they have entered into did not really address how they can amicably separate their ways.

It happens in M&A as well, it happens with letters of intent, it happens with almost every type of contract there is. That is just natural. It occurs in many instances. It happens in employment, transactions, offer letters, non-competes, non-disclosure agreements. 

I cannot tell you how many times I’ve had a friend or former internal executives when I was in-house, or other folks inquire about what their ability is to move on to something else. And oftentimes when you ask them why they signed something without reviewing it or thinking about it, they will respond that they had no choice. But it is better to be proactive and penny wise rather than pound foolish. 

Jeff: Dan Cotter with Butler Rubin Saltarelli & Boyd, an attorney in Law in Chicago is with us. We are talking a little bit about, speaking in general terms about his involvement in helping business owners sell their companies and why it is so important to have an attorney involved in the process. Speaking about a business in general terms that he recently just completed the sale with Morgan & Westfield on a service-based business where there are a lot of contracts involved. Some terms that we often hear come up involving the sale of a business, Dan Cotter, reps and warranties. 

Now that sounds like a legalese, but when you get down to it, you get representations. We know what a warranty is, but tell us when you take and combine those two, reps and warranties. What is involved in that language? What does that mean to us as a business owner or to the buyer or seller of the business, and why is it important that we also have these examined by our attorneys before we move forward with any deal?

Dan: Sure and just so that we can use the definition that’s been tried and true, Black’s Dictionary defines a representation as “a presentation of fact either by words or by conduct made to induce someone to act, especially to enter into a contract.” 

Representations and warranties are really assurances by the seller that the purchasing party can rely on as factual. When we look at traditional asset purchase or stock purchase agreements or even other contracts that we may have in our lives, when we look at what representations and warranties are, again, there are assertions of fact that are intended to be true at present — that is the representation part of representations and warranties. 

Warranties kind of go to the future, and say that we are telling you, as the buyer, that with respect to these items, these things are true and will continue to be true. And what we often see in representations and warranties is things such as employment status, that if the company has employees that there’s no current complaints. There's usually reps and warranties about litigation and whether or not there is any material exposure. 

We have talked a lot about contracts today, Jeff, and so again one of the representations and warranties is that the schedule that’s part of that particular representation and warranty that states that all material contracts are attached to the agreement, or that the referenced and the buyer has had access to those contracts to review in their own case. 
 

Every transaction is a bit nuanced. Depending on who is drafting the original drafts of the purchase agreement, if it’s the buyer, then you can expect that the representations and warranties will be slanted more in favor of the buyer. That’s just who drafted determines what the provisions say.


And so it’s important again because a lot of language in various agreements is absolutely boilerplate. Every transaction is a bit nuanced. Depending on who is drafting the original drafts of the purchase agreement, if it’s the buyer, then you can expect that the representations and warranties will be slanted more in favor of the buyer. That’s just who drafted determines what the provisions say. 

So again, it is important that a lawyer review how these are drafted and to ensure that they are constrained and limited as much as possible. For example, oftentimes the draft from the buyer will make very clear statements that are just absolute. For example, seller represents and warrants that all contracts that the seller has entered into are attached as schedule 1.3 or whatever the schedule number may be. 

The problem is that oftentimes, especially in organizations where it is not just a very small group of employees that are knowledge-based. For example in this transaction, it was the principal, and she was the main person that was responsible for having knowledge. 

Oftentimes, what we as lawyers would do is put in qualifiers to make it clear that it is to the knowledge of seller, and the knowledge will be defined to be the particular, actual knowledge of a particular person or a control group of people. And so again what is trying to be done here is that while these are reps and warranties, our assurances and statements to the buyer that certain things are true. I want to make sure that when somebody makes those statements that they actually have knowledge. 

And so you can think of situations where, you know, if GE were being sold, for example, you would want to make sure that there are only certain people that might have that knowledge because literally receptionists in one of their branches in Hong Kong could have received a notice of a lawsuit that is material, and for whatever reason, that is still sitting on that reception desk in Hong Kong. So you want to make it actual knowledge.

Jeff: There is a kind of a colloquial expression that I have heard bantered around now and again, “once and done” and sometimes we use that expression, we take and twist it a little bit, we may call it “one and done.” But “once and done,” what does that mean when you are talking about a business sale or perhaps in your particular case in this particular deal, what does that mean to us and why is that important?

Dan: You know from a business perspective, the “once and done” is that all of the facts, all of the tire kicking, all of the request for information should be done all at once. And once that process is complete, then the contracts will be fully fleshed out, the definitive purchase agreement. 

The reason for that is that if you are doing this piecemeal and repeatedly coming back with a request to the seller for more information, is that 1) the price and terms may change. But to me, the importance of casting a wide net and getting as much information as possible like we do when we enter any personal transaction makes it much easier in terms of the time spent, the resources required by experts and your advisers to review contracts, to review final terms and to opine on things. 

If you have a transaction that is constantly shifting, that’s going to be costly and is also frustrating to both the seller and the buyer. And not an ideal way to approach.

Jeff: I would imagine so, particularly if you are a buyer, and you are interested in a business, and you really wanted to take and move things forward, and move things forward as quickly as you possibly can, and after all I think both sides want that very much. But it would seem that the buyer comes in at a slight disadvantage because the seller holds all the cards from the very beginning. 

You talk about casting a wide net, how does a buyer do that? What would you suggest, Dan? What is maybe a step or a couple of steps that they can take in order to ensure that they are able to, as you say, obtain as much information as they can and make sure that everything is out on the table, so to speak. What is a good tip or rule of thumb for a buyer to remember in order to take this “once and done” approach?

Dan: I think that the best first step is to, again, engage with advisers from the buyer's side and to develop or have advisers provide kind of a template, a due diligence checklist. 

I can give you a story many years ago: I just started at a client, and my first order of business was to put together a due diligence request to a seller and got the business folks’ input, sent it out to the potential seller, and that was my first week with this client. We sat down to dinner on a Friday afternoon with my family — my two young boys and my wife. We got an email and the subject line was "Ouch." So I opened that email, and the email was a long exchange between one of the partners of the seller and my client's CEO. The sellers were not happy with the fact that we had sent them a pretty expansive due diligence request that we’ve used in other deals that listed things by organizational documents, good standing of the company, human resources, IT, contracts, litigation, etc. 

And so I was told that I had to put that down to one page, and we did so. Then we visited the potential seller, and it was immediately apparent why they had balked at that request. 

My advice on both seller and buyer side is to put everything that you might want to know about the seller into the initial due diligence checklist and request. In the worst case, the responses to much of it would be not applicable, none, nothing responsive. 

But as you said, the buyer on the transactional side is always at a disadvantage because the seller knows the business. He knows where the issues are, he knows the blemishes that might exist on the business, and it’s not required as part of the transaction to fully disclose without being requested. At the same time, he should give enough information to make the deal. 

The buyer, if they are doing it right, should send a due diligence list and figure out whether it is going to be an electronic database and due diligence room or if it is going to be in person. Then start that process, in addition to documentation, includes interviews with the main management of the seller, includes perhaps interviews with major clients of the seller. But it is again cast in this broader net and being more thorough rather than the one-page due diligence list that I mentioned in a prior life is going to get as much information as possible.

The other benefit of having that approach is when the final definitive agreement is drafted with all the schedule showing various disclosures and reps and warranties. Again, the buyer may have recoursed on the line if it turns out that the seller, despite the assurances and despite the request from the buyer for a broad information, that the seller did not fully disclose everything that was relevant to the transaction that was requested. 

Jeff: Dan Cotter, this has been a great conversation we’ve had today. It has been very insightful, just as we are kind of winding things down a little on this particular discussion. 

Anything else that might pop into your mind when you are talking to a roomful of business owners or even those folks who may be looking for a business to purchase at one time or another, whether that is in the near term or in the distant future, at some point when they are ready. What kind of advice or just a couple of real key pieces of information could you leave us with today? Some takeaways as far as preparing properly or being ready to engage in a conversation with a business owner about his or her business for sale in order for things to move as swiftly and as successfully as possible toward a deal that is going to benefit both?

Dan: I think that from a seller's perspective, one is that the transaction itself is like selling a house. Oftentimes it is a business that the seller created from scratch and has built into something that is a fantastic organization. 

One thing to keep in mind is that the process can become very personal, and it is very difficult to separate that but I would advise that. 

Secondly, from the seller's perspective, when the seller is ready to contemplate selling and an exit strategy, it’s important to have good advisers in terms of valuation, in terms of the market for whatever line of business your organization is in. People that have a wealth of experience in brokering transactions, they understand where the market is for various lines. So I think it is important for a seller to reach out to somebody that is in that space and get some advice. 
 

On selling a service-based business: You’re not selling inventory, you’re not selling property plant and equipment, all you are selling are relationships and contracts and agreements you have in place with your customers. So you need to have a pretty good idea of the range of potential value that your organization presents.


As the deal starts, as we talked about already, I think for both sides, it is important to have those advisers involved in the discussions and negotiations as much as possible. Put into understanding that the business principles are going to hammer out a lot of details. And it is not cost-effective to have your full body of advisers in every meeting and in every conversation, but if you are serious, I think having advisers in place and thinking that through is a very good idea. 

Finally, if you are in the service industry, I think getting the sense of what valuation methodologies are opted for your business. You’re not selling inventory, you’re not selling property plant and equipment, all you are selling are relationships and contracts and agreements you have in place with your customers. So you need to have a pretty good idea of the range of potential value that your organization presents.

Jeff: Dan Cotter, we’ve run out of time on this edition of the program. I want to thank you again for your participation in the program today.

Dan: Well, thank you.

Jeff: Dan Cotter is an attorney and partner at Butler Rubin Saltarelli & Boyd in Chicago. Done Deal is brought to you by Morgan & Westfield. 

We try to bring you stories from real business owners and from those third-party organizations and representatives that they’re associated with to try to give you some insight as to how things went down with the sale of those businesses, some of the key challenges that were faced, how they were overcome, and what you should do in the future in order to work toward a successful deal on your part, whether you are the owner of a business now or looking to buy one in the future. 

We hope that you join us again on the future edition of Done Deal. My name is Jeff Allen. Until then. Thank you.