How to Buy or Sell a Business with Entrepreneurial Attorney John McCormick

The Entrepreneurial Agent

In this week's episode, we explore the complexities of buying and selling a business. Our guest speaker, John McCormick, owner and founder of McCormick Law & Consulting, brings a wealth of knowledge and experience to the table having practiced law for 12+ years. McCormick Law has offices in Norfolk, Virginia and Raleigh, North Carolina and serves clients throughout Virginia and North Carolina.

"Entrepreneurship by acquisition is a really cool area where you can acquire a business and become a business owner and immediately jump into something that already has a playbook rather than building it from the ground up."— John McCormick

John emphasizes the importance of seeking legal counsel at the beginning of any business transaction to avoid committing to something unintentionally. It's important to evaluate the type and structure of the transaction on the front end, to avoid committing to a specific structure before seeking legal advice. This is where business litigators come in handy as they know where things can go wrong. Seeking legal counsel can help mitigate risks by scrutinizing financial records, ensuring collateral on business assets is free and clear of all liens, and evaluating the value of the business.

We also learn about the Rock Solid Foundation, a nonprofit organization that supports pediatric cancer families across the United States. The organization aims to help 16,000 families per year to match the average number of diagnoses in the United States. They achieve this by providing two specific types of support: building playsets for children fighting cancer and providing ready bags filled with everything a family needs for the first 48 hours after diagnosis. Ready bags are distributed through partnerships with over 100 hospitals throughout the country and contain items such as a tablet, toiletries, and a blanket.

"It's okay to fail, it's okay to lose money. And that's part of what being an entrepreneur is about, being able to overcome that. Take what you learned in that process, apply it somewhere else and do better."— John McCormick

John emphasizes the importance of calculated risks when buying a business. Retired military folks often buy businesses as a second career, and it's a great way to jump straight into entrepreneurship even in industries where you have no experience. However, it's important to understand that buying a business is a risk, and doing your due diligence is crucial to ensuring you'll have what you thought you had on day one. The process of buying and selling a business can be complicated, and there are different ways to structure the sale. Seeking legal counsel when considering buying or selling a business is key to navigating the process.

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About John McCormick

John McCormick was born into a family of attorneys, and though his father passed away when he was young, his stepdad continued the tradition. John considered a career in law or business, but ultimately became a lawyer and even started his own firm. Despite his legal expertise, he has also pursued a career in politics and currently serves on a school board. John is passionate about business and has used his legal knowledge to branch out into non-legal ventures as well.

Connect with John:

https://www.linkedin.com/in/john-mccormick-b4503240/

https://www.mccormickpc.com/

Meet the Host: Paul Neal is the founder and Principal Funding Strategist at Vantage Point Commercial Capital, a firm that focuses on helping entrepreneurs, businesses, and real estate investors win by funding their growth and dreams in nontraditional ways.

Paul’s unique perspective has been honed over 30 years as an entrepreneur, financial strategist, professional speaker, and executive coach. He took the road less traveled choosing to leave engineering right out of college to become a serial entrepreneur. From great early successes in the 90s and 2000s, to completely losing his primary business in the Great Recession of 2008, to bouncing back and just recently selling another business for a healthy 7-figure sum…he’s experienced it all. Paul offers a wealth of experience and passion to the entrepreneurial community in an engaging, upbeat, encouraging, and witty way.

Connect with Paul:

Visit his website: https://paulneal.net

Connect with him on LinkedIn: https://www.linkedin.com/in/paul-neal-47b8478

Vantage Point Commercial Capital: https://vpc.capital