KEN KIRSCHENBAUM, ESQ
ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE
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Quick check-list for buying and selling accounts
September 24, 2022
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Quick check-list for buying and selling accounts
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          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.
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Ken:  
 What do you need from us to get started?
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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.
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To order up to date Standard Form Alarm /  Security / Fire and related Agreements click here: www.alarmcontracts.com
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To order up to date Standard Form Alarm /  Security / Fire and related Agreements click here: www.alarmcontracts.com
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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.
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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
ken@kirschenbaumesq.com
www.KirschenbaumEsq.com