01 May Business Brokers of Florida’s Legal Aspects About Selling a Business During COVID-19 Webinar
Are you Selling Businesses during the COVID-19?
If so, you must hear some legal situations you need to know regarding COVID-19. This affects you as a broker personally. You must listen to protect yourself.
This pandemic also affects the Buyer, Seller, Lender, Broker, Franchisor, if any, and the Landlord. Suggestions will be given for Covid-19 Addendums extending deadlines for due diligence and for lenders, and protecting Brokers as well as the parties involved. Also, suggesting some language to be included in lease assignments concerning definition of force majeure during these trying times. Business interruption insurance is yet another major issue today. We all need to anticipate situations and scenarios due to this pandemic.
The Webinar provided attendees info on what the lender and lender’s counsel focus on when working on loans, particularly, SBA loans for their deals…and to make sure they know what to expect in the loan closing process. If they know what they can expect, and what they learn and do in a deal to make the process easier and smoother for the lender and its counsel, they and the buyer and seller will all have a better experience.
Lastly, in light of the Governmental stay-at-home orders issued in Florida, thousands of businesses have had to close. It is important to understand that many business owners may have a claim for business interruption/loss coverage within their Commercial/Business Owners Policy. We discussed what this coverage means, how to file a claim and what to do if a claim is denied.
The esteemed attorneys were:
Deborah A. Carman, Esquire, Carman Law Firm, P.A.
Mitchell C. Fogel, Esq., Fogel Law Group
Gil Sanchez, Esq.