April 1, 2014

Legal Dictionary—Terms

What are “terms”? Every business deal has layers of terms, some of which are more important than others.  We like to call these layers the boulders, rocks, and the sand. Boulders are the biggest terms, the deal breakers.  Often times these are non-negotiable. Rocks are the next level in.  They […]
April 1, 2014

Legal Dictionary—Letter of Intent

What is a “Letter of Intent”? A Letter of Intent, or term sheet, outlines the basic terms of a business deal, making sure the parties understand generally what it will look like and forcing them to think through what the deal breakers are.  It doesn’t do anyone any good to […]
February 10, 2014

Buying a Business

Buying a Business What happens when business owners “fall in love” with each other? Business relationships are like personal relationships—they often start with people being enamored with each other. But just as it is generally not a good idea to run off and elope with someone after the first date, […]