The decision to buy or sell a business is a major one, and the process is complicated, full of potential pitfalls, traps, and problems. To minimize your risks and liabilities you need an experienced Austin business lawyer on your side, one who has been through the process on both sides and knows how to protect you. If you have never been through the process before, below is a short explanation of what to expect. The process involves: 1) initial client meeting; 2) Letter of Intent / Term Sheet; 3) Due Diligence and Disclosures; 4) Agreement Drafting; and 5) Closing.