Best practices in closing

Why the professionals should handle major corporate sales and purchases
Interviewed by Amy Dison

"Closing” is simply a formal term to signify a transaction’s end. At closing, property being sold is transferred to the buyer, and the seller receives the purchase price. Closing should be a formality with appropriate final documents and monies delivered and no negotiating, says Dale Bergman, a member of the Miami-based law firm of Kluger, Peretz, Kaplan & Berlin P.L.

Typically, business transactions may take a significant amount of time, so business owners should make sure all documents and procedures are in place prior to closing. One of the worst things that can happen is for new information to surface at the last minute that postpones the closing. This can be costly, time-consuming and frustrating for all parties involved, says Bergman.

Smart Business spoke with Bergman about the steps business owners should take to prepare for a closing and how to prevent last-minute surprises.

What steps should a business person take to prepare for a successful closing?

Start a transaction by selecting experienced professionals. While regular legal advisers and accountants may be qualified to work on your day-to-day affairs, they might not be qualified to work on a complex business transaction. Often, such transactions involve your livelihood and require the expertise of legal and financial advisers who are experienced in dealing with large assets and corporate sales. These professionals should be able to structure a deal to reduce taxes and costs. To continue, please click link.