![]() ![]() Verify All InformationBefore signing the agreement, double check to make sure everything is correct. Having a lawyer help you to draft the agreement in the first place, as well as assist in the negotiation, is a wise move. Your goal should be to limit your liability as much as possible. Depending on the state, failure to address these issues may leave you fully liable for any damage to the business or loss in its value, meaning that you will have to reimburse the buyer. You need the lawyer to look at your level of liability and your continued obligations in particular. Have a Lawyer Look Over the AgreementHave a lawyer go over the agreement to make sure that you are protecting yourself. If you're not sure where to start, you can get step-by-step guidance for creating your own Business Sale Agreement with Rocket Lawyer. ![]() This will help to reduce confusion and conflict later on if a dispute develops. While some exceptions exist, it's always best to just include any oral agreements in the actual contract. Also remember that oral agreements do not count in most states due to the Statute of Frauds. Remember that you can always add to the agreement as necessary, but you must include all of this information at a minimum. Who bears the risk of loss in case of damage to the business until ownership is transferred.Who will handle the business until it is closed down and ownership is transferred.Emergency procedures and contingencies for common problems.Breakdown of business information and access to confidential information.Representations, warranties, and guarantees by seller and buyer.Separate inventory of all assets and belongings, both included in the sale and excluded.Necessary terms for payment, such as method and amount.Purchase price, including any bonuses or non monetary assets that are a part of the agreement.The United States Small Business Administration (SBA) states that all sales agreements must include the following information: It should provide all of the information necessary for transferring the business. Prepare a Business Sale AgreementThe agreement to sell a business is standard in most states. While you can create a hard copy, virtual copies work just as well for all items except those which the government requires originals, such as deeds and the like. These records need to include service providers, account managers, and everything else that goes along with the business. Gather All of Your Business RecordsPrepare a full report of your business, complete with all of the records of transactions. An official assessment will help you negotiate a better price. While you may have a good idea of what you think the business should sell for, your best bet is to get it officially assessed. Get the Business AssessedWhen it comes time to sell a business, you need to make sure that you receive a competitive price. ![]()
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