Business Acquisition Attorney | Connor & O’Shaughnessy, P.C.

Business Services & Business Acquisition Law

PROTECTING YOUR INTERESTS IS JOB #1

At Connor & O’Shaughnessy, P.C., we represent business owners, investors, and individuals in complex business transactions throughout Central Illinois. With two attorneys available, our firm is prepared to guide you through acquisitions, entity formation, succession planning, and commercial real estate development with strategic precision.

Whether you are purchasing a business, restructuring ownership, or planning long-term succession, we focus on protecting your interests at every stage.

Business Acquisition & Transactional Services

We assist clients with:

  • Entity formation, organization, and dissolution
  • Business succession planning
  • Commercial real estate acquisition and development
  • Complex trust planning related to business ownership
  • Stock purchases
  • Straight asset purchases
  • Section 338 transactions

Our goal is not simply to “close the deal,” but to ensure the structure aligns with your long-term business strategy.

Structuring the Deal the Right Way

Every transaction presents critical structural decisions. We advise clients on:

  • Stock purchase vs. asset purchase
  • Sale timing considerations
  • Licensing requirements and their effect on deal structure
  • Coordinating transaction structure with future business planning
  • Real estate, zoning, and special use issues
  • Employment agreements
  • Non-compete agreements
  • Consulting agreements
  • Franchisor consent and rights
  • Shopping center lease concerns
  • Customer continuation agreements
  • Choice of entity

Careful planning at the outset can prevent costly disputes and tax complications later.

Prompt. Courteous. Flexible.

We understand that business transactions are time-sensitive. Our firm prioritizes:

  • Responsive communication
  • Practical legal solutions
  • Flexible scheduling for business clients
  • Clear explanation of risk and exposure

 

 

Frequently Asked Questions About Business Acquisitions & Transactions

What is the difference between a stock purchase and an asset purchase?

In a stock purchase, the buyer acquires ownership of the company itself — including its assets, liabilities, contracts, and obligations. In an asset purchase, the buyer selects specific assets to acquire, and liabilities may be limited by agreement. The choice can significantly affect tax treatment, risk exposure, licensing, and ongoing operations. Proper structuring is essential.

What is a Section 338 transaction?

A Section 338 election (under federal tax law) allows certain stock purchases to be treated as asset purchases for tax purposes. This can create stepped-up basis benefits but requires careful tax planning. Not every transaction qualifies, and timing and structure are critical.

When should I form an LLC versus a corporation?

The choice of entity depends on factors such as liability protection, tax treatment, management structure, investor expectations, and long-term exit strategy. LLCs often provide flexibility and pass-through taxation, while corporations may be preferable for certain growth or equity structures.

What due diligence should be performed before buying a business?

Due diligence typically includes review of financial statements, tax returns, leases, contracts, employment agreements, pending litigation, licensing status, zoning compliance, and regulatory exposure. Inadequate due diligence can result in assuming unexpected liabilities.

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Do I need franchisor approval to sell or transfer a franchise?

Most franchise agreements require franchisor consent before ownership changes. Approval processes may include financial review, training requirements, and updated agreements. Failure to secure consent can void the transfer.

How does commercial real estate affect a business acquisition?

If the business operates from owned or leased property, real estate terms can materially impact valuation and risk. Zoning compliance, special use permits, assignment clauses, and lease guarantees must be carefully reviewed before closing.

When should I involve an attorney in a business transaction?

Legal counsel should be involved before signing letters of intent, purchase agreements, or financing documents. Early involvement allows proper deal structuring, risk allocation, and protection of your long-term business interests.

Speak With a Business Attorney

If you are considering acquiring, selling, or restructuring a business, early legal guidance is essential.

Connor & O’Shaughnessy, P.C.
📞 (309) 687-6000
📧 lawyer_bc@attywilliamconnor.com
📍 Peoria Heights, Illinois

Schedule a consultation today