When looking to purchase another business (or be purchased for that matter) it is important to have very well-defined goals on what you hope this merger or acquisition to accomplish

Throughout the merger and acquisition process, transparency is absolutely critical. All parties who are directly involved with this event will likely need to sign non-disclosure agreements to limit the risk of someone withholding information. 

Open and frequent communication during these types of events is critical. This applies not only to communication between the two owners of the companies in question but also with the employees

Mergers and acquisitions are complicated matters and have a lot of legal regulations that must be followed. With that in mind, it is necessary to have representation from an experienced attorney working on your behalf.