Buying an existing business, such as a nail salon, spa, restaurant or retail store, can be the fastest way to become an owner. It can also be the fastest way to inherit someone else’s debts, tax problems and lawsuits. We represent buyers and sellers in small and mid-sized business transactions, with particular experience in the nail salon and spa industry in New York.
Representing buyers
Before you pay a deposit, we help you find out what you are really buying:
- Due diligence. Reviewing financial records, tax filings, licenses, permits, equipment, customer base and any pending claims.
- The lease. For a storefront business, the lease is often the most valuable asset. We confirm the lease can be assigned to you, review its remaining term and renewal options, and negotiate with the landlord. See Commercial Lease Review.
- Hidden liabilities. Unpaid sales tax, wage-and-hour claims from current or former workers, and supplier debts can follow the business. New York’s bulk sale rules can make a buyer responsible for the seller’s unpaid sales tax unless the required notice is filed with the state before closing.
- Licenses. Salon, spa and food service licenses generally do not transfer automatically, so we plan the timing so you can operate legally from day one.
- Structuring the deal. Asset purchase or equity purchase, escrow of part of the purchase price, seller representations and indemnities, non-compete and transition assistance from the seller.
Representing sellers
We help sellers prepare the business for sale, negotiate price and terms, limit post-closing liability, handle the landlord’s consent, and make sure they are paid in full, including when part of the price is paid in installments.
Our approach
We know these deals often move quickly, involve family and community relationships, and are negotiated in Chinese as much as in English. We keep the process moving while making sure nothing important is missed, from the letter of intent through closing.