It can be both exciting and intimidating to face significant changes in your business. The prospect of a new venture or opportunity often comes hand-in-hand with added responsibilities or financial requirements.
If your company is looking to secure financing; before committing to a major payment make sure to review various legal concerns. Unfortunately, oversights can come back with a vengeance later on — and maybe even cause irreparable damage to the business and yourself personally.
It is a given that you’ll be talking to a bank or financial institution, but what advantages can you expect from consulting with a lawyer before signing the deal?
How a lawyer can help when your business needs to secure financing
While you may be focused on the price, your lawyer will have an eye on all the details to make sure that everything is under control from a legal perspective.
Your lawyer will be able to find any oversights or clarify obligations that weren’t immediately clear. Business agreements can be very complex, especially when there is a lot at stake, and cutting corners before signatures are in place can be catastrophic.
Another important role for a business lawyer is taking to the time to make sure that the company satisfies all the requirements that are outlined in the document, which is a vital step in making sure the agreement doesn’t fall apart later further down the road. The lawyer will also be familiar with the loan documents and be able to confirm where the lender may be over-reaching, or where you may want to add clauses to your benefit.
No one-size-fits-all solution
Every business is unique. This makes it difficult to take legal advice from a different business or type of agreement and apply it to your situation.
The safest bet is to consult with a business lawyer as a step towards your proper due diligence.
The experienced legal team at Epstein & Associates takes into account the goals of your business so that we can offer advice that will help you achieve your objectives. Contact us today to book a time to discuss what we can do to help your company reach the next level!