Attorney recommendation for hourly rate, operating agreement

by a searcher from Georgia Institute of Technology

1 year ago

Hi all - I have a business under contract and am using seller's APA (purchase agreement) and a template operating agreement. I have heard of attorney's charging a large flat fee to handle everything. However, I only need help for a the last leg of docs diligence prior to closing. e.g. less than 10 hours of work. 

Anyone know of a lawyer that offers this type of service? The target business is in Georgia but I don't necessarily know if it's necessary for attorney to be licensed in my state. TIA!

0 likes
79 views
3 comments

intermediary from Wake Forest University - Schools of Business

Regardless of which side provides the initial draft of ______ (fill in the blank) agreement, the other side should scrutinize it for both business and legal points. At the end of the day, a successful transaction will be documented by agreements that represent both party's interests and mitigate their risks. Sometimes this is a little bit of a challenge with lender documents (and particularly SBA mandated language), but even those have some latitude.

1 year ago | like reply | 0 likes

intermediary from Clemson University

I have a fantastic transaction attorney I use regularly located in North Carolina who takes hourly engagements. DM me if interested. That being said, as a buyer I would NEVER use seller prepared documents. The reason the seller likely agreed to pay for these is so that the terms and conditions would be most favorable. The purchase agreement is a "buy side document". At this point you will want to have it heavily scrutinized by an experienced transaction attorney that is representing your interests - not the sellers.

1 year ago | like reply | 3 likes

More on Searchfunder

Just Closed on My First Deal! Reflections and Takeaways for other Searchers

45,152 transactions are available on Searchfunder (now searchable by keyword)

Now everyone has unlimited IBISWorld access

Family office looking for traditional searchers

Investor seeking Self-Funded Search Deals

Downsides of "buying a job" below 750k+ EBITDA?

2 Best Ways To Find Motivated Sellers, Off-Market Deals

6-7x for a Self-funded Search Deal?

Searchfunder is an online community and toolkit for searchfunds. Over 80% of those involved in searchfunds maintain a Searchfunder.com account to help them network, problem solve challenges, and keep up with the industry.

We maintain partnerships with database providers that make searching more effective, efficient and affordable along with features that help searchers find deals and investors and vice versa.