Top 5 Mistakes to Avoid When Buying a Business – Jeremy Eveland Utah Attorney

When buying a business, there are several pitfalls that can turn a promising acquisition into a regrettable decision. According to Jeremy Eveland, a seasoned Utah attorney specializing in business transactions, one of the top mistakes is failing to conduct thorough due diligence. This comprehensive evaluation is crucial for uncovering any financial, legal, or operational issues that might not be immediately apparent. Skipping this step can lead to unexpected liabilities and undermine the business’s value. Another common error is neglecting to secure proper financing before committing to the purchase. Without a clear and solid financial plan, buyers may find themselves unable to sustain the business post-acquisition, leading to severe financial strain or even bankruptcy.

Additionally, Eveland highlights the importance of understanding the market and competition. Many buyers make the mistake of not analyzing the industry landscape, which can result in overestimating the business’s potential for growth. Ignoring employee and customer retention strategies is another critical mistake. A new owner needs to maintain good relationships with existing employees and customers to ensure smooth transitions and ongoing success. Lastly, failing to obtain professional legal and financial advice can be disastrous. Expert guidance from attorneys and accountants can help navigate the complexities of the purchase agreement, tax implications, and other regulatory requirements, thus protecting the buyer from unforeseen legal entanglements and financial setbacks.

For expert guidance and to ensure your business’s legal needs are met, consult:

Jeremy Eveland

8833 South Redwood Road

West Jordan, Utah 84088

(801) 613–1472

Jeremy Eveland | (801) 613-1472