What is an Asset Purchase Agreement?

Jeffery Baxter

Sellers Seller Articles Seller FAQ

资产购买协议(或“APA”)是你在出售betway必威沙巴体育时签署的最重要的文件之一. 

因为这是一份如此重要的文件,你可能会担心你要签署的是什么.

As a mergers & acquisitions (M&A) firm that has sold over 450+ businesses, these are a few of the common questions we get from business owners. 

“What if all of the details are not accounted for in my APA?” 

“What if the buyer’s attorney skews the APA in their favor?”

“What if I miss something that comes back to bite me later?” 

Fortunately, there is a solution. 

We’ve created a guide of what you’ll need to know about the APA, 从它应该包括什么,到你在审阅它时应该咨询谁,这样你就可以自信地签署它.  

Let’s get started. 

Disclaimer: Although effort has been made in providing accurate information, MidStreet不保证该准确性,也不对任何错误或遗漏负责. MidStreet, nor its employees, are licensed tax professionals or attorneys. 我们强烈鼓励读者与你所在州或省的会计师和律师确认税务和法律问题. The article is based on information as of fall 2021.

What is An Asset Purchase Agreement?

资产购买协议(APA)是管理您的betway必威手机客户端下载给买方的合同. It takes the terms agreed to in the LOI (letter of intent) and fleshes them out to include all the details. 

最初在意向书中商定的所有交易条款都可以在APA中进行修改,以反映买方尽职调查期间出现的任何变更或补充. 

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LOI涉及广泛的条款,而APA明确定义了交易的每一个细节. 一个好的APA将使交易容易理解,并作为最终的合同出售的业务.

 

At What Stage Does An Asset Purchase Agreement Come Up? 

Once the letter of intent has been signed, the buyer will start their due diligence process.

During this stage, 资产购买协议将在尽职调查期间起草,并将讨论之前的意向书条款, negotiated, and finalized. 

Towards the end of the due diligence period, the buyer and seller will sign the APA to agree to the final terms of the asset sale.

cropped APA in selling timeline

Who Drafts the Purchase Agreement?

In general, 买方的律师将起草一份资产购买协议,并将其送交卖方的律师审阅. 

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The seller, their merger and acquisition (M&A) advisor, 然后他们的律师将审查资产购买协议,以确定他们是否同意条款. 

If the seller does not agree with the terms and would like to negotiate them, their attorney will draft up the changes and the M&A advisor will send it back to the buyer. 购买协议在被双方接受之前要经过几次修改是很常见的. 

What You Need to Know Before Signing an Asset Purchase Agreement

与意向书不同,资产购买协议的结构是具有约束力的合同. Some things you should know before signing include: 

  1. After you've had an opportunity to review the document, have your attorney thoroughly explain anything you don't understand. Pay particular attention to the "Representations and Warranties" language.
  2. 在这一点上,你应该已经让你的会计审查采购价格的分配. 确认这些价值是你之前同意的,因为这可能会有重大的税务影响.  
  3. If you do not agree with any language in the APA, your M&顾问应该与你的专业顾问合作,就替代语言或交易结构提供建议. 

What Should be Included in an Asset Purchase Agreement?

As a general rule, 你的资产购买协议(APA)应该包括在出售你的企业谈判的每一个细节. APA’s should include: 

1. Price and Fee Allocations 

这将包括与销售相关的价格/费用,包括购买价格, any earnest money, the payment due at closing, buyer and seller fees, and any money to be held in escrow (often called a holdback). 

2. Closing Information 

This will include the date of the closing, how the possession of assets will be handled, and the closing documents. 

3. Training and Transition Assistance 

该协议的这一部分将涵盖培训时间的长短以及卖方将向买方提供的协助类型. 

4. Taxes, Assessments, Inventory, and Other Prorations 

这将包括买家在截止日之后将负责的税收. It likely will also go over inventory and the amount of inventory at closing.

5. Contingencies to Buyer’s Obligation to Close

这些或有事项解释了在什么情况下,买方可以选择不购买业务后,签署购买协议. 一种常见的买方意外情况是能够以可接受的条款获得银行贷款. 

6. Representations, Warranties, and Covenants of All Parties  

声明和保证(通常称为代表和保证)是买卖双方在交易中作出的断言. 除其他重要考虑外,双方都希望对方提供准确的信息. 

In a business sale, 典型的事情,卖方可能会断言,他们拥有业务,并有权出售它,或业务是符合所有适用的法律.

7. Maintenance and Damage

这将包括卖方维护资产和betway必威沙巴体育的责任. 它还将提到,如果发生任何损坏,买方将给卖方一个固定的时间来修复.  

8. Indemnification, Notices, and Arbitration 

This will go over what the buyer and seller have indemnity on, 这意味着它们将不受《betway必威手机客户端下载》中规定和商定的某些条款的影响.

9. Brokerage

这将包括参与交易的经纪betway必威沙巴体育.

10. Authority 

这就是为买卖双方签署协议的签字人. 

11. Governing Law

This will cover which state’s laws the agreement will be in accordance with. 

12. Complete Agreement

这里提到这将是买卖双方关于买卖业务的完整和最终协议. 

13. Execution Date and Expiration Date 

这一节提到了协议将在何时执行,并指定了一个日期,在该日期内,如果交易尚未完成,协议将无效.

14. Disclosures 

披露的内容包括提及协助买方起草协议的律师事务所,以及买卖双方就协议寻求律师的权利. 

15. Ongoing Operations and Confidentiality

本节规定,卖方将继续正常经营,直到交易完成,如果买方有任何改变,卖方应书面通知买方. 

This is a condensed version of what an APA will include. To verify that the APA you have received covers all of the necessary points, speak to your attorney and broker. 

Negotiate Your APA to Get the Best Deal 

资产购买协议总是包含比意向书更多的信息, 所以关键是要检查它是否包含了你想要协商的所有内容. 

If any terms are left out of the asset purchase agreement, they will be subject to interpretation and may not even be up for negotiation. 

Ensure you sign a good APA by consulting with your attorney and broker as early as possible in the process. 

At MidStreet Mergers & Acquisitions, 我们指导业主通过销售过程的每一个步骤,使他们得到最好的交易. 

Read more on the process of selling your business or contact us today to learn more about selling your business.

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