Your Attorney Is Important, But Shouldn’t Control The Deal
A wonderful thing happened recently on the way to the closing table. The buyer and seller agreed to terms and told their attorneys to make it happen!
This is significant because many people let their attorneys take control of the deal as if they are the only ones who can make decisions.
This particular deal was one that stretched on for a couple of additional weeks while attorneys argued over a few sentences. Of course, they were rightfully trying to protect their clients.
In the end, the buyer and seller were able to get through their differences face-to-face, and then their Apex Advisor got the attorneys on the phone so both sides could advise their attorneys to document their verbal agreements.
We’re not here to bash attorneys. Hey, some of our best friends are attorneys! They’re critical to these deals getting done successfully. But it’s important for buyers and sellers to know is that attorneys are advisors/vendors/suppliers who should be managed.
Ultimately it’s your responsibility to make sure they understand you want the deal to happen and what your risk tolerance is. That’s the best way to make sure a quality deal gets done…and that you will walk away happy with the outcome.
As an attorney who assists clients with the documentation of their sale or purchase of a business, let me say that in my experience, the clients are often the ones who are dragging out the deals because they can’t commit. I agree that my role is to advise and discuss possible solutions, but the final decision is always the client’s. That said, I sure appreciate the expertise provided by my contacts at Apex to help get the deal done!