KEN KIRSCHENBAUM, ESQ ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE You can read all of our articles on our website. Having trouble getting our emails? Change your spam controls and whitelist ken@kirschenbaumesq.com ****************************** DIY your own deal or get proper expert help August 24, 2024 *********************** DIY your own deal or get proper expert help ************************ Ken A competitor [dealer] I am monitoring wants to sell me his accounts and begin working for my company; he is tired of ‘working in attics’ and doing the labor of ‘fire inspections’. I have known him since 1980s and believe it will be a good match. So, is the standard NDA on your site what I should obtain to move forward? I know how many accounts since we do his monitoring. I would want to know his RMR and how much he will want for the accounts and over what period of time. THEN, how do I pay for it – I assume to go to ‘market’ and if you have recommendation of some money folks - be appreciated; Or I can ask if he will allow me to pay the purchase off over xxx months? Name withheld ********************** Response ********************** Interesting question, from a Concierge Client, by the way. The first question is fair; I’m OK with it. The Non-Disclosure Agreement requires one of the parties to keep the information of the other party confidential, and more. It’s not, however, mutual. Each of you would need to sign the other’s NDA to fully disclose each other’s information. Yes there can be one mutual NDA, but that’s not how the Standard Form NDA is written or offered. If this potential seller is willing to share his information, most of which you apparently have since you monitor the accounts, you don’t need an NDA. If you intend to divulge “state” secrets about your operation then you can ask him to sign your NDA, and yes this would be the right form. But I see trouble in the making. Something makes me think that you think you can navigate this acquisition process on your own. You might get lucky; maybe not. You were smart enough to join the Concierge Program, get your 10% off legal fees and forms, but you won’t be able to use your free access for “quick questions” enough to get you from start to finish on your own. Not even close. If you are buying, merging, making any change in operation, or selling, you need assistance of professionals, and the first professional is the lawyer; K&K. K&K will broker if you need a buyer [or if you’re looking for something to buy] and K&K will represent you in the transaction, and K&K will represent you in the dispute and lawsuit if you didn’t heed our advice during the transaction phase and now find yourself embroiled in a dispute after the transaction is complete. What’s at stake? Well, could be not only the accounts or business you are looking to buy, but your entire operation and business as well. If I call asking which wires I connect in my alarm panel please advise me to have an alarm tech install it. ************************* STANDARD FORMS Alarm / Security / Fire and related Agreements click here: www.alarmcontracts.com *************************** CONCIERGE LAWYER SERVICE PROGRAM FOR THE ALARM INDUSTRY - You can check out the program and sign up here: https://www.kirschenbaumesq.com/page/concierge or contact our Program Coordinator Stacy Spector, Esq at 516 747 6700 x 304. *********************** ALARM ARTICLES: You can always read our Articles on our website at ww.kirschenbaumesq.com/page/alarm-articles updated daily ******************** THE ALARM EXCHANGE - the alarm industries leading classified and business exchange - updated daily ************************* Wondering how much your alarm company is worth? Click here: https://www.kirschenbaumesq.com/page/what-is-my-alarm-company-worth ****************************** Getting on our Email List / Email Articles archived: Many of you are forwarding these emails to friends or asking that others be added to the list. Sign up for our daily newsletter here: Sign Up. You can read articles and order alarm contracts on our web site www.alarmcontracts.com ************************** Ken Kirschenbaum,Esq Kirschenbaum & Kirschenbaum PC Attorneys at Law 200 Garden City Plaza Garden City, NY 11530 516 747 6700 x 301 ken@kirschenbaumesq.com www.KirschenbaumEsq.com
