Business Formation Attorney in Minneapolis, Minnesota

Lawyer Importance in Business Acquisition

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The market has dramatically changed in real estate construction, for example. When I started out over 20 years ago, and it’s progressed – there’s been two recessions – and the Great One, which was the worst in 100 years.

Before then, in real estate construction, for example, people didn’t really worry about the downside as much; we were worried about the upside. Now, there’s a tremendous amount of rigor. Everybody looks at every deal, and says, “What if it doesn’t happen? What if it goes broke? What if the lender goes broke?” Nobody ever worried about the lender going broke. “What if the lender goes broke? What if the owner goes broke? What if the deal doesn’t turn out? How is the deal going to still progress, or collapse in on itself?”

And so, the complexity – and fortunately, because the complexity has risen at just the right time for me – but that’s how things have fundamentally changed, and how the practice has changed to become more intense, and looking at the downside of deals than we did even just a half a dozen years ago. And that is a huge evolution that’s occurred in the law since I started.

Minneapolis business attorney Stephen Yoch of Felhaber Larson shares why a lawyer is necessary when buying or selling a business.

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