108: Why Contract Lawyers are so Important to a Small Business Owner with Donya Gordon

AmiSights: Financing the Future For Small Business Owners and Entrepreneurs

In today’s podcast, MultiFunding President Lynn Ozer, aka SBA Queen, and I talk to Donya Gordon, a contract attorney who focuses on commercial contracts, eCommerce M & A transactions, contract dispute resolution, distress business sales, and escrow services. The main focus of today’s conversation is what an entrepreneur should do to prepare for a successful transaction before the deal arrives on the attorney's desk.

After working with prominent law firms and as a judicial clerk for several years, Donya went out alone a couple of years ago without any outside financing. As a result, she is a one-woman show, except for contractors who help with heavy loads.

E-commerce is especially hot now, coming off the pandemic, with much movement in buying and selling businesses. Donya explains the importance of having an attorney specializing in e-commerce to guide entrepreneurs through the process.

"You don't want just to do this blindly," she says. "If your car breaks down, you're not fixing it yourself. And if you need a root canal, you're not doing it yourself. So why do you think you can be the attorney in a transaction? I encourage people to have a lawyer, but encourage you to get an e-commerce lawyer instead of just a lawyer."

We ask Donya what buyers and sellers can do well in advance to prepare for negotiations.

For buyers, make sure you have the money, she says. For sellers, make sure your financials are in order. You don't want poor bookkeeping or debts hampering the sale. And make sure you continue to put your foot on the gas. Just because you have an interested buyer doesn't mean you can give up. Deals can fall through at the last minute; ensure you have done your due diligence until the papers are signed.

Recorded 03/23/2023.