Mastering Main Street M&A: Legal Tips And Best Practices with Jake Parsley SMB Law Group

My SBA Loan Pro Podcast

The SMB Law Group has burst onto the scene providing much needed legal advice to the ETA community who are pursuing main street business acquisitions often times funding the acquisition with an SBA 7(a) loan.

It's refreshing to collaborate with attorneys who are familiar with SBA financing and are therefore able to help searchers structure their deal to comply with SBA eligibility requirements.

In this episode of the My SBA Loan Pro Podcast, our Host Ryan Smith, interviews Jake Parsley, M&A Attorney with the SMB Law Group as he reveals crucial insights into the legal process of Main Street business acquisition transactions.

Learn when to engage an attorney, cost considerations, and the significance of the Letter of Intent (LOI) and Purchase Agreement and everything in between. Together, they delve into the intricacies of M&A transactions, shedding light on the vital role attorneys play in mitigating risks and ensuring a smooth deal process.

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Chapters 00:00 - Introduction 1:05 - Jack Parsley's Bio 2:17 - SMB Law Group And Focus on Main Street 4:07 - Attorney's Role in M&A Transactions 5:22 - When To Engage An Attorney 7:13 - Life Cycle of a Deal 9:18 - Critical Aspects of the Letter of Intent (LOI) 12:36 - Exclusivity & Purchase Price in LOI 13:08 - Changing Terms in LOI 13:44 - Seller Note Terms 15:52 - Offsetting Seller Note 19:37 - Leveraging Earnest Deposits 24:28 - Are Seller Notes Common? 26:36 - Buyer Deposits and Due Diligence 27:49 - LOI vs. Purchase Agreement 32:19 - Skipping LOIs: Pros and Cons 35:16 - Trustworthiness in The Transaction 37:27 - When and How To Contact Jake

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