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I found a small liqour store what kind of lawer would i need to do a search on his books and inventory?

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Answers (6)
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Jul 5, 2017
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Monmouth County, NJ

You need a qualified CPA to conduct due diligence on the books. Why anyone would suggest hiring a business broker at a "nominal rate" of 5-6% of the purchase price to check books, I have no idea. Even if a very high qualified CPA charges you $200 per hour that is much more cost effective than paying anyone 5 - 6 % of the purchase price ( i.e. purchase price = $300,000. Higher a business broker for $15,000 to check books?????????). In addition, by hiring a qualified accountant you have now matched the task with the correct candidate for the job. Even if the business broker was an accountant, cutting a percentage of purchase price deal at 5-6% is a bit absurd.

Feb 7, 2011
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The BAF Group LLC
MD

You need an accountant to check the books - not a Business Broker. Unless the Broker is also an Accountant. And I AM a Business Broker! Asking one of us to do the final check on the books is like asking a Medical Sales Rep to do surgery on your brain. The Sales Rep may have the basic knowledge, but do you really want him/her digging inside your skull with a knife?

Once the Accountant blesses the deal, you then need an Attorney that is familiar with Contracts of Sale for Businesses, and preferably with Liquor Store sales.

Feb 7, 2011
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J F
Fulton County, GA

ASK FOR HIS MONTHLY SALES TAX PAPERS TO SEE HOW MUCH HE IS CLAIMING EVERY MONTH AND LOOK AT HIS PURCHASE INVOICES TO DETERMINE THIS MARK UP AND GROSS PROFIT. Then take a look at all his over head, including what amount of money he spends on goods every week. Then do the math. Its easy. Tax Return, his books, etc, are bull. Focus on the numbers and do the math

Feb 7, 2011
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Freedom Business Brokers
Orange County, CA

You don't need an attorney to check books or Inventory. Otherwise it would be like that you are using a canon to kill a mouse. You need a Business broker who could represent you as a buyer.You can negotiate a fee prior to hiring him. Generally it is nominal ranging from 5 to 6% of the purchase price..
The inventory has to be checked and counted by Inventory counting people. They charge about $300 to 400 depending on the volume of the inventory. As far as any search is concerned about the store this is escrow company job. They search from the county recorder office if there is any lean against it.
Also they publish the business in local papar for 12 days to protect you from creditors.
Sid0653@hotmail.com

Jan 11, 2011

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