What should I check before buying a local magazine or community newspaper?

A publication is a name, a body of past work, a set of relationships and a weekly or monthly production run. Each part can be owned by someone other than the seller, which is why a checklist helps. Work through it with the seller early, and give your lawyer the documents as they arrive rather than all at once at the end.

The name, the domain and the archive

Ask who owns the masthead, the website domain and the social accounts, and whether they sit in the company or in the owner’s personal name. Ask who holds the rights to past articles and photographs. Who owns the work of editors and freelancers depends on whether they were employees and on their written terms; ask your lawyer. The Canadian Intellectual Property Office’s short guide to copyright shows what to ask about.

Printing, delivery and advertisers

• The printing contract, its term and what happens if you change the schedule.
• Distribution routes, carriers and drop-off points, and who is paid for each.
• Advertiser contracts, and which need consent before they can pass to you.
• Ad-sales staff and the client relationships they hold.

People, premises and equipment

Find out who stays after the sale and on what terms, since an editor or top seller may leave with the readers and advertisers. Read any office lease with the help of BDC’s guide to lease terms, and ask for a list of equipment with its condition and any liens. Your lawyer can run a registry search for claims against it.