DUE DILIGENCE - SELLING OR BUYING A BUSINESS

As attorneys, many times we are working with clients who had bought or sold a small business but did not consult with counsel in the transaction. And usually those who did not consult with counsel also failed to conduct their due diligence. What is due diligence? According to the dictionary, it is "reasonable steps taken by a person in order to satisfy a legal requirement, especially in buying or selling something; a comprehensive appraisal of a business undertaken by a prospective buyer, especially to establish its assets and liabilities and evaluate its commercial potential."

An excellent article today in Newsday:

http://www.newsday.com/business/due-diligence-is-key-before-buying-a-business-experts-say-1.11814085