That's facinating. Do you tend to buy the entity of the business, or would the original owner keep a small stake? And do you get any professional help with the accountancy and legal aspects of the original purchase?
Thus far my acquisitions have all been asset sales where I've started a new LLC, which has purchased the assets we define in the purchase agreement. I've not done any deals where the original owner keeps a stake, but I would consider an arrangement like that if asked for. Nobody has asked yet though.
I did the first three solo and on the last one I had a couple of conversations with my attorney during the process. I wanted the attorney to be fully involved on the last one because the purchase price was higher than the previous acquisitions (high six figures), but the timing just didn't work out. I wanted to close quicker than he could handle so I just went ahead.
Asset purchases aren't that complicated since you aren't brining on liabilities. Still, I'm sure it is advisable to have professionals help with due diligence, contract negotiation, etc.
I did the first three solo and on the last one I had a couple of conversations with my attorney during the process. I wanted the attorney to be fully involved on the last one because the purchase price was higher than the previous acquisitions (high six figures), but the timing just didn't work out. I wanted to close quicker than he could handle so I just went ahead.
Asset purchases aren't that complicated since you aren't brining on liabilities. Still, I'm sure it is advisable to have professionals help with due diligence, contract negotiation, etc.