In this interview, Royce Lanning gives you pointers on how to stretch your money and decrease fees when working with an attorney when buying or selling a business. Mr. Lanning, an associate attorney with the Strong Firm, has experience working on both sides of a business sale. Here, Mr. Lanning discusses the most successful tactics he has seen work to the advantage of clients. According to Mr. Lanning, the three most important things to keep in mind when working with an attorney include preparing questions ahead of time, finding an attorney you trust, and doing some of the work on your own.
Key Points from our Conversation
- Very rarely are deals drafted once and then signed. In fact, a deal that is inked that quickly may be on the fast track to litigaiton.
- Once you have identified what you want and require it becomes much easier for your attorney and the rest of your team to structure the deal and help guide the transaction in the right direction.
- Different firms have different policies but the standrrd is to bill in six minute increments (i.e. tenth of an hour).
- Identify your primary goals and your secondary goals and provide them to your team so your broker can shop the deal you are interested in pursuing and your attorney can structure the deal toward the same goal.