This document provides an overview of key legal and compliance considerations for buying or selling an investment advisory firm from the perspective of attorneys. It outlines the typical process which includes conducting pre-sale audits, negotiating terms, and conducting extensive due diligence on legal, compliance, client, and financial matters. The due diligence process examines areas like regulatory filings and disclosures, compliance policies and procedures, custody of client assets, and any pending or potential litigation issues. The document advises structuring the deal appropriately, identifying and resolving issues before closing, and addressing closing logistics.