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Phoenix Attorneys Handling Business Purchase Fraud Cases

Stephen J. Anthony

The process of buying a business in Arizona involves a substantial amount of due diligence. The seller has a responsibility to provide the buyer with accurate and up to date information about revenue, income, customers, vendors, expenses and debts. The seller should also provide detailed information about the business’s current place in the market so the buyer can accurately assess the value and opportunities for growth. Typically, the more valuable a business is, the more complicated the due diligence process will be. This naturally makes it more likely that certain parts of the company could be misrepresented by the seller or misunderstood by the buyer.  

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Here are some things to understand about business purchase fraud in Arizona. However, it is essential to find an experienced business litigation attorney like the attorneys at Anthony Law Group in Arizona if you are interested in buying or selling a business or you find yourself involved with claims of business purchase fraud.  

Buyer Due Diligence in Business Purchase

The due diligence process for buying and selling a business is complicated by the fact that most business owners aren’t likely to freely offer up their proprietary and financial information to just any potential buyer without first assessing whether the buyer is legitimate and pursuing the purchase in good faith. Plenty of inquiries into the purchase of a business can simply be an attempt to gather information on a competitor or a potential new endeavor.

Whether you are looking to buy a business or you’re considering selling your business, it’s essential to approach the prospect of due diligence with prudence. Both parties should be prepared to sign off on the appropriate confidentiality and non-disclosure agreements and letter of intent to purchase the business. Any buyer looking to access your financial and proprietary information without these agreements is not likely a serious buyer. And any seller willing to offer up this information without these agreements secured first should raise red flags to a buyer.

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