Can a lawyer help me valuate the business or would I need to seek out a business consultant for that? Also, isn’t it pretty standard for the purchase agreement to contain language that allows an “out” for the buyer if the lease agreement isn’t satisfactory? Isn’t my application for liquor license contingent upon having a lease?
Generally an attorney is not the person to determine the value of a business. An appraiser or accountant can generally provide more detailed and accurate valuations. When drafting a Purchase and Sale Agreement for a restaurant or other business, it is standard to include language making the transaction contingent upon the buyer’s ability to either assume an existing lease term or negotiate a satisfactory lease agreement with the owner of the premises. In most Cities and Towns, like Brookline, an applicant for a liquor license must show the existence of a lease agreement as a condition of being considered for a license.
Our Restaurant Sales and Purchase Attorneys serve Boston Metrowest and the Brookline communities including the neighborhoods of Brookline Village, Aspinwall Hill, Chestnut Hill, Cleveland Circle, Coolidge Corner, Longwood medical, and Washington Square.