While on my first day of project I got the chance to go out of the office to a meeting with city officials on a potential nursing home deal, I have spent my past two days in the office. I have had the chance to conduct a phone interview with a buyer of a barbershop in Chagrin to gain information in filing his EIN and IRS information, draft part of an operating agreement in a purchase agreement, and watch the process of legal advising of clients, investors, etc. However, my recent project has been putting together a large book called a bible. While this bible is not the biblical bible, it is just as large as the Holy Bible. A bible is put together after the closing of a deal in which a client or company purchases a large asset. It contains all signatures, lease documents, operating agreements, title commitments, and a whole bunch of complicated documents which I have not had the chance to understand yet. Bible's are made for the seller, the buyer, the legal advisors, and all other parties invovled in the purchase. The purpose of creating a bible is to ensure that if down the road negative legal implications are brought to the surface and legal action such as suing occurs, all the evidence of the transaction is thoroughly documented. The bible I'm working on pertains to a leading landscaping company called, Garrick LLC, which produces environmentally friendly landscaping products. This company distributes its products all over the country. My day has been spent looking through the extensive paperwork and copying it to place in this sacred book. It's exhausting and sometimes tedious, but along the way I have learned a lot about how a purchase takes place, the steps invovled, and how a lawyer fits in it.
Rachelle,
ReplyDeleteMy first reaction to your bible description was, wait, did she make a mistake, but as a read more about what your bible actually was, I became fascinated by the process. It seems that you have been given a great deal of responsibility over this project. I should say that it must take a lot of patience to go through all the paper work. It must be awesome to think that if something happens down the road and they have to refer to the bible you put together, they'll rely on your thoroughness and dedication when you put the bible together.
At some point during you project will you actually be in the courtroom, I think that that would be an awesome experience. Perhaps in your next blog you could explain how lawyers fit into the importance of a bible, as you described at the end of your blog. And actually, I'm not sure where you're actually working at or who you're working with? I'm assuming it's an attorney's office. Anyways thanks for describing such an interesting subject.