Selling an RIA to an Aggregator: Legal Guide
Selling an RIA to an aggregator means cash and rollover equity, earnouts, and operating covenants. What the deal structure looks like and what to diligence about the buyer.
Jul 21, 2026
Page 2 of 17. Practical M&A and securities guidance from deal counsel.
Selling an RIA to an aggregator means cash and rollover equity, earnouts, and operating covenants. What the deal structure looks like and what to diligence about the buyer.
Jul 21, 2026
A practitioner guide to fundamental representations in M&A purchase agreements: what separates them from general representations, why survival periods and indemnification caps interact the way they do, and how buyers and sellers negotiate both.
Jul 18, 2026
Preemptive rights let existing shareholders buy new shares before outsiders to avoid dilution. Learn the DGCL 102(b)(3) statutory default, how contractual preemptive rights work in shareholder agreements, and why they matter in stock issuances and M&A closings.
Jul 18, 2026
SBA Policy Notice 5000-879058 clarifies that a 7(a) loan balance no longer reduces available 504 loan capacity, effective July 4, 2026. An M&A attorney explains what changed and what buyers using combined SBA financing for an acquisition should do before closing.
Jul 18, 2026
A practitioner guide to disclosure schedules in M&A purchase agreements: what they are, how they qualify representations and warranties, who prepares and reviews them, negotiation dynamics, common drafting traps, and a practical preparation checklist.
Jul 13, 2026
What a business purchase agreement template actually contains, when a free template is genuinely fine, and where templates fail on real Main Street deals: transfer taxes, SBA financing timelines, successor liability, and as-is clauses. From M&A counsel.
Jul 7, 2026
The buyer's end-to-end legal playbook for an SBA loan to buy a business: pre-qualification, the LOI financing contingency clock, entity formation, the closing process, closing costs, and the SBA 7(a) closing checklist. From M&A counsel.
Jul 7, 2026
Earnout provisions that are vague at signing become disputes after closing. This checklist covers every APA element that must be defined before the deal closes: metric definitions, accounting standards, operational covenants, acceleration language, and dispute resolution mechanics.
Jun 27, 2026
The no-shop and exclusivity provisions in a letter of intent are among the few LOI terms that are legally binding. This guide covers what they bind, typical durations, what buyers should ask for, and what sellers should resist.
Jun 27, 2026
A quality of earnings report tells you whether the seller's EBITDA is real. This guide explains what a QofE covers, when you need one under LOI, how add-backs work, working capital pegs, and how the QofE interacts with your purchase price and APA.
Jun 27, 2026
SBA 7(a) acquisition deals impose strict standby requirements on seller notes before they count toward equity injection. This guide explains full vs. partial standby, note terms, subordination, and what happens when the standby period ends.
Jun 27, 2026
Section 338(h)(10) and Section 336(e) elections both let a stock purchase get asset-sale tax treatment. An M&A attorney explains who can use each one, why individual and SBA-financed buyers need 336(e), and what it costs the seller.
Jun 2, 2026
A practical guide for business brokers on recommending attorney-certified public-record searches before the SBA application stage. Deals that surface lien issues during underwriting die or delay. Deals that surface them during due diligence close on schedule.
Jun 2, 2026
Carve-out or spin-off? Both separate a business unit from a parent company - but ownership, tax treatment, and legal complexity differ significantly. An M&A attorney explains when each makes sense and what the transaction process involves.
Jun 2, 2026
Most small businesses, even ones operating entirely in Ohio or Michigan, are organized in Delaware. Under UCC Article 9, the financing statement is filed in the state of organization, not operation. A buyer who searches only the operating state misses every Delaware-filed lien. An M&A attorney explains the rule, walks a concrete example, and explains how proper multi-state scoping works.
Jun 2, 2026
Both earnouts and holdbacks defer purchase price to after closing - but they work very differently. An M&A attorney explains how each is structured, when buyers demand them, and how sellers can negotiate better terms.
Jun 2, 2026
Earnout or seller note? Both defer purchase price - but one is contingent on future performance and the other is unconditional debt. An M&A attorney explains when each is used, how each is structured, and which is better for sellers.
Jun 2, 2026
When the business you are buying is administratively dissolved, suspended, or delinquent as a foreign entity, the cure is possible but the timing is not optional. An M&A attorney explains what good standing means, what it costs to fix, and why it must be resolved before closing.
Jun 2, 2026
Forward merger, reverse merger, reverse triangular merger - the terminology is confusing, but the structural differences have real consequences for liability, continuity, and shareholder approval requirements. An M&A attorney breaks down each structure.
Jun 2, 2026
Can you sell your business without a broker? Yes. Should you? It depends on your situation. An M&A attorney explains where DIY works, where it gets dangerous, and why you always need a transaction attorney regardless of the broker decision.
Jun 2, 2026
The indemnification cap limits total seller liability. The basket (deductible) determines when claims can be made. An M&A attorney explains how these two provisions interact, what market norms look like, and why sellers must negotiate both carefully.
Jun 2, 2026
A court money judgment can become a lien that clouds title to business assets. An M&A attorney explains how judgment liens are created, how they attach to real vs. personal property, why county-level searching is required, and how asset vs. stock purchase structure changes your exposure.
Jun 2, 2026
The five public-record searches every business buyer needs before closing - what each one catches, why UCC liens are the most dangerous miss, what the SBA requires, and why self-funded buyers cannot practically run this layer themselves.
Jun 2, 2026
Management buyout or leveraged buyout? Both use debt to acquire a business, but the buyer profile, deal dynamics, and seller relationship differ significantly. An M&A attorney explains how each works and what it means for deal structure and documentation.
Jun 2, 2026
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