Are you in the process of a business transaction? You definitely need a lawyer to help you with the process. Unfortunately, not all lawyers will be a match for you. Some can make the process extremely slow, while others can frustrate everyone. In this episode, we’ll be diving into the place of a lawyer when closing a deal with Joanna Oakey.
Joanna is the owner and director of Aspect Legal, a commercial law firm with a difference. She is a mother, author, lawyer, and podcaster passionate about people, business, and global issues. Joanna and her team provide various proactive and commercially driven legal services to support growing businesses in building their business machine, from acquisitions to exits.
According to Joanna, a lawyer should make the process easier. She also advises that when looking for a lawyer, one must look at their past experiences and what they specialize in. Go for lawyers who specialize in commercial law.
Today Joanna shares what makes a good M&A lawyer, how to choose and to deal with a lawyer, and how to secure payments, among others.
Listen in and learn.
Key Talking Points of the Episode:
[01:44] What are the essential steps in evaluating the business you want to acquire?
[06:46] What makes a good M&A lawyer?
[08:41] How to know if a lawyer is experienced or not
[09:48] How much should a lawyer negotiate a deal
[11:04] How to deal with a lawyer who gives too much attention to detail
[21:30] Negotiating a deal without experience
[23:42] How to deal with a lawyer
[31:51] How Joanna talks about the risk to her clients
[42:08] How to secure payments as a seller
[43:14] Creative securities
[46:45] What are the essential parts of a business
[49:13] Things to avoid during a business sale process
[50:58] What frustrates me in a business sale?
[55:07] The essence of a contract
[59:10] Getting to learn about Joanna’s book and podcast
Key Talking Points of the Episode:
“What lawyers often miss because of their training is the ability to understand the detail, but to be able to step back and see the bigger picture.”
“If you give too much attention to the detail, it becomes a problem.”
“One thing that so many buyers and sellers don’t understand is that most lawyers don’t deal with business sales and acquisitions on a day-to-day basis.”
“A lot of lot of what keeps a deal driving is not allowing distrust to get between the parties.”
“If you want to find a problem, you will find a problem.”
“Client base is, quite often, a precious component of the business, that a buyer wants to see the value in transfer.”
Connect with Joanna Oakey:
LinkedIn: https://www.linkedin.com/in/joannaoakey/
Website: https://www.aspectlegal.com.au/
BuyGrowExit: https://www.buygrowexit.com.au/
