When the business is being sold, make sure that all t’s are crossed and i’s dotted. The first step is preparing a Sales Agreement, the core document for selling business assets and/or company stock. Your job is to make sure the Sales Agreement is accurate. Also, make sure that it addresses all purchase terms and components, including:
- Seller, buyer and business names
- Background information
- Purchase price, assets being sold (including a complete list of inventory), and how those assets will be allocated
- Non-compete covenant
- Terms of Agreement and payment terms
- Seller and buyer representation and warranties
- Access to business information
- Date of closing, and how the business will be run in advance of that date
- Contingencies
- Fees (including broker fees)
