KEN KIRSCHENBAUM, ESQ ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE You can read all of our articles on our website. Having trouble getting our emails? Change your spam controls and whitelist ken@kirschenbaumesq.com ****************************** Quick check-list for buying and selling accounts September 24, 2022 *********************** Quick check-list for buying and selling accounts *********************** A potential client emails me and asks if I am able to represent them in a small acquisition [few hundred accounts]. I respond, sure, and provide information that wasn’t asked, but no doubt thought about,, that the cost would be around $3000, more or less. Potential client was happy with that range and gave the go ahead by responding, “now what”. I suggested a quick phone call and when I didn’t get an immediate response I drafted the following, which I thought I would share with you. These are not all of the issues that arise in an even small deal [certainly more in a larger transaction], but these are a good starting point. **** Ken: What do you need from us to get started? ******* My response: 1. retainer agreement 2. name, address, phone of seller and buyer 3. seller's principal and home address 4. seller and buyers fed ids 5. seller and buyers licenses, if required 6. current E&O policies for seller and buyer 7. approp number of accounts 8. approx net RMR [assuming we are using net RMR, and how net is to be defined] 9. computation of purchase price 10. terms of payment 11. security if any 12. whether bulk sale notice applies 13. inventory? vehicles? 14. guarantee? Terms of guarantee 15. whether restrictive covenants are to be included If you’re selling, buying or building accounts K&K can help. Joining the Concierge Program is a great start in the right direction. Contact our Program Coordinator Stacy Spector,Esq at 516 747 6700 x 304 or SSpector@Kirschenbaumesq.com, or even better, join here: https://www.kirschenbaumesq.com/page/concierge If you’re thinking about selling ready to sell or buy contact me directly by email or phone. ********************** To order up to date Standard Form Alarm / Security / Fire and related Agreements click here: www.alarmcontracts.com *************************** To order up to date Standard Form Alarm / Security / Fire and related Agreements click here: www.alarmcontracts.com *************************** CONCIERGE LAWYER SERVICE PROGRAM FOR THE ALARM INDUSTRY - You can check out the program and sign up here: https://www.kirschenbaumesq.com/page/concierge or contact our Program Coordinator Stacy Spector, Esq at 516 747 6700 x 304. *********************** ALARM ARTICLES: You can always read our Articles on our website at ww.kirschenbaumesq.com/page/alarm-articles updated daily ******************** THE ALARM EXCHANGE - the alarm industries leading classified and business exchange - updated daily ************************* Wondering how much your alarm company is worth? Click here: https://www.kirschenbaumesq.com/page/what-is-my-alarm-company-worth ****************************** Getting on our Email List / Email Articles archived: Many of you are forwarding these emails to friends or asking that others be added to the list. Sign up for our daily newsletter here: Sign Up. You can read articles and order alarm contracts on our web site www.alarmcontracts.com ************************** Ken Kirschenbaum,Esq Kirschenbaum & Kirschenbaum PC Attorneys at Law 200 Garden City Plaza Garden City, NY 11530 516 747 6700 x 301 ken@kirschenbaumesq.com www.KirschenbaumEsq.com