For small business owners, it is wise to educate yourself about all of the potential pitfalls of your purchase long before you get the ball rolling and certainly before you attempt to place your John Hancock on any official document. Negotiations to contracts existing and implied should be completed before you sign anything, and documents regarding such should be reviewed by your legal counsel for best results. The following will guide you though the proper process of negotiating one of the most life-changing endeavors that you can undertake for better or worse - buying your own business.