What are the three biggest mistakes SME buyers make when choosing an M&A lawyer?

M&A professional Eric Pacifici says new buyers often pick lawyers who:

1. Aren’t entrepreneurial
2. Bill hourly rather than flat rate
3. Don’t have M&A experience

After years of cementing billion-dollar deals at Kirkland & Ellis (the largest firm in the world by revenue), Eric decided he liked smaller deals better. He decided to jump into the world of small business acquisitions.

Eric is well-known on the internet for his Twitter account (@smb_attorney) and for coining the term “silver tsunami” i.e.the coming wealth transfer between baby boomers and their offspring. He realized a few years ago that many of these boomers’ small businesses would be put up for sale in the coming years.

To confront this coming wave of small acquisitions, Eric teamed up with a team of fellow lawyers from large firms with a passion for smaller deals to create SMB Law Group. 

SMB Law today specializes specifically in entrepreneurship-by-acquisition deals. Those are deals where aspiring entrepreneurs get a running start by purchasing a fully functioning business.

Business has been heating up. The firm did $950 million in closings just last year. Eric and SMB Law are fast becoming the go-to lawyers for people trying to buy small and medium-sized businesses in the US.

This week, Eric hopped on the SASP with Andrew Gazdecki to discuss:

• Where Eric thinks most deals go wrong
• Why you need a good lawyer when buying a business for $1 million+
• Andrew’s lawyer billing horror story

Eric is just getting started and you can contact and follow him below:

• Eric@smblaw.group
• @smb_attorney (Twitter)
• LinkedIn