One Reason to Not Sell Your Business
It always irks me when people use the phrase, “as long as their money is green.” This is probably some of the worst advice you can get when selling a business. No matter how comprehensive and tight-clad your purchase agreement might seem, do not sell to someone incompetent with money. They will bombard you with questions, flood your inbox with emails, waste your precious time, and in the worst-case scenario, killsue you. Don’t want to follow this advice? Well at least include these in your purchase agreements:
Post-sale support. Clearly define the scope of any support you’ll provide after the sale. Limit the number of days you’re available, as well as the hours per week you’re willing to dedicate to this assistance.
List all assets included in the sale specifically.
List everything ‘as-is’. Make it explicit that you’re selling everything ‘as-is.’ It’s the buyer’s responsibility to conduct their due diligence. You shouldn’t be held accountable for any issues they discover post-sale that they could have identified beforehand.
Outline how you should be compensated if the deal falls through. Whether it’s through a non-refundable deposit or another form of financial assurance.
If the deal doesn’t materialize, stipulate that you expect everything to be returned to its original state, ensuring you’re not left to pick up the pieces if things go south.