A short YouTube clip by Andrew Gazdecki offering a practical tip to save on legal fees in small business deals: by framing a purchase as a 'business transaction' instead of an 'acquisition' you can lower lawyers' price benchmarks (often quoted much higher for 'acquisitions'), reducing overall costs for small-scale deals.
Chapters
The tips I can actually give. Like you call a bunch of lawyers and ask I'm doing an acquisition, they're immediately going to say 100 to 150k. That's a good price point, right? But if you say I'm doing a business transaction, which is true technically at the small scale, right? A lot of these deals are basically small partnerships or businesses like they're, you can call them acquisitions but small scale, they're really business transactions and you just have a lawyer charge you hourly for that business transaction. It's going to cost you 25 or 450k. But because you say it's an acquisition like the framing of it now is instantly a higher benchmark even though the hours are the same. So it's a little bit odd, but that's a bit of a hack. I'd say that seems to have worked better in my experience when I was doing very, very small acquisitions a few years ago.