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info buyer wants to know before buying accounts
May 29, 2018
info buyer wants to know before buying accounts
    I get calls all week long from clever fellows who call to have me represent them for purchase of alarm accounts. The first question is, what will my legal fees be.  For those asking that question first, the only answer they want to hear is, "nothing, I work for free".  When I point out that I know nothing about them, the company they are buying, the accounts or anything else about the deal, I think they start to get it.  Sometimes I ask them if they will install fire and security systems in a building [I'd like to] own.  When they want to know something about the building I tell them, "doesn't matter, just give me a price".  
    Anyway I usually end up talking too much and wasting a lot of time.  But I also end up giving a lot of information they need, especially if they are listening, and most of them are very adept at poking and picking at someone's brain and seeing what they can pick up for nothing.  Anyway, it occurred to me that since I wind up giving this information away for free half the time, I may as well share it with all of you.  Then you don't have to call just to waste my time. 
    One cautionary warning however.  As thought provoking as the information, through questions, may be, taking the DIY approach or thinking you now have enough information to engage the cheapest lawyer you can find, is not exactly what I think is a good idea, and not likely to end well.
    So when I get a call asking me for a price, here are a few issues I ask about:
where are you located
where is the seller if you even have a seller
are you licensed
is seller licensed
how many accounts are we talking about 
are they commercial or residential
do they all have contracts and have you seen them
what is the RMR
are you getting a guarantee and for how long
how are you paying the purchase price
is there a hold-back
is seller's exposure more than the hold-back
what criteria do you have for the accounts and contracts, and which contracts will be excluded
what other assets are you buying
is seller or any of seller's employees going to be working for you
is seller staying in business
what restriction on competition will you want
    There you go.  For the even more adventurous, here's some lidocaine spray and a scalpel, now go do brain surgery on yourself.
    OK, so this little rant wasn't about you.  Unless it was, and you know it.


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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301
516 747 6700