• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

help buying a distressed business

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

L

lurkingbong

Junior Member
What is the name of your state (only U.S. law)? Nebraska
Myself and my partner are looking to buy a distressed business which owns a lot of money to the bank. We are looking to buy the existing inventory from the bank which holds a lien on the inventory. We have talked to an attorney who is going to do the negotiations for us with the bank. We are also going to get the right to use the name of the business from the current owner.
My questions to the esteemed forum is how much should this cost us? I mean how much ballpark the attorney's fees should be? We have no experience in buying distressed property before so what are the things that we need to do to make sure the attorney knows his stuff and we do end up getting the property?
Is there anybody in the midwest willing to work with us and have experience dealing with distressed businesses.
LB
 


A

Antigone*

Senior Member
lurkingbong said:
What is the name of your state (only U.S. law)? Nebraska
Myself and my partner are looking to buy a distressed business which owns a lot of money to the bank. We are looking to buy the existing inventory from the bank which holds a lien on the inventory. We have talked to an attorney who is going to do the negotiations for us with the bank. We are also going to get the right to use the name of the business from the current owner.
My questions to the esteemed forum is how much should this cost us? I mean how much ballpark the attorney's fees should be? We have no experience in buying distressed property before so what are the things that we need to do to make sure the attorney knows his stuff and we do end up getting the property?
Is there anybody in the midwest willing to work with us and have experience dealing with distressed businesses.
LB
Click to expand...
We are not an attorney referral service. Click the blue link at the bottom of this box to find an attorney.

You should do quite a bit of research prior to moving forward with this. It the bank has a lein on the inventory, you will need to make sure it is worth the payoff. The worst thing you could ever do is purchase obsolete inventory.
 
L

lurkingbong

Junior Member
Thanks a lot for the replies. Yes I meant "owes". I know the inventory is not obsolete since my partner works in the business. I have talked to a couple of lawyers but the prices they are quoting is very high. Obviously if they can negotiate a good price for us their fees would be covered. I wanted some hand holding as I thought there would people in this forum who have gone through the process. I know the maximum price we are going to offer, just wanted to have a lawyer so that all the eventualities are covered and we don't end up saddled with any other debt and all other debts that they business owns gets taken care of
 
You must log in or register to reply here.

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top