If a contract is not properly negotiated, buyers may find years after the transaction that they are liable for claims and damages that occurred well prior to purchasing the business (when it was operated by the previous business owner). Likewise, sellers may find that they are responsible for certain liabilities or suffer damages after the Closing if the agreement is not properly negotiated on their behalf, particularly if the seller is financing a part or all of the purchase price or has propriety information that is not meant to be transferred as part of the deal.
You should retain an attorney that is experienced in buying and selling businesses and professional practices if you are contemplating negotiating and entering into such contracts. I can represent you in buying or selling your business from negotiating the purchase price and the terms of the contract through the Closing. I can further assist you to prepare for various business contingencies through shareholder agreements, operating agreements, and/or partnership agreements.