Businesses that operate in the hospitality or restaurant industries are often more than the sum of their parts. While the ultimate goal is to provide a memorable experience for guests, getting to this point requires extensive preparation and experience.
One concept that all hospitality business owners need to recognize involves the acquisition of assets. These can range from the physical location of the business to the machinery and utensils needed to open your doors. These purchases can be quite expensive, so it is advisable to make these decisions with the help of a seasoned attorney. A New Jersey asset purchase lawyer could provide valuable guidance and ensure that you are following all relevant laws as you grow your business.
Providing a world-class experience for customers is only possible if a business has the tools necessary to cater to their needs. A company may have the best business model, innovative recipes, and the motivation to provide stellar customer service. Unfortunately, without acquiring the assets needed to transfer these ideas into the real world, businesses generally cannot make it very far.
A major asset that a business often needs to acquire is a physical location. Whether a restaurant, bar, or hotel, the location should be of adequate size for serving customers, fit for the business model, and free from structural damage.
Businesses will also need to acquire the physical items necessary to begin operations. These may include:
Consulting with a New Jersey asset purchase attorney could help business owners to identify a list of assets whose purchase is necessary to get their location up and running.
Every acquisition of a business asset requires the formation of an asset purchase agreement, or APA. These agreements are the contracts that determine the price of the sale and outline the rights and obligations of all parties in regard to those assets.
For example, an APA should specifically name the asset that the party is seeking to buy. This helps to avoid confusion as to quantities, stated quality, and identifying marks, such as serial numbers. The APA should also list the purchase price, date of acquisition, and any guarantees or warranties that the seller is providing concerning the asset.
A New Jersey asset purchase attorney is prepared to negotiate and draft these agreements on behalf of business owners. Additionally, they can fight to enforce these agreements in court. Sellers of assets are bound to the terms of these documents, so any apparent failure to provide an asset as promised may lead to allegations of breaches of contracts. New Jersey Revised Statute § 12A:2-725 states that there is a time limit of four years after a supposed breach to demand a remedy in court concerning contracts for the sale of goods. By working with an attorney, owners of restaurants or hotels could evaluate their rights and take legal action if a breach of contract has occurred.
Every bar, restaurant, or hotel looking to open its doors must acquire the assets necessary to provide a quality experience for guests. Consulting with a New Jersey asset purchase lawyer could help you to efficiently obtain these items.
An attorney could work to negotiate and form purchase agreements that leave no doubt as to the price, quality, and quantity of goods. They are also prepared to step in if it appears that a seller has breached the terms of an existing contract. Get in touch with our office today to learn more about how we could assist you.