A company sale should be an exciting and monumental time for every business owner. Likely, you have put countless time and money into your business to build it up to the impressive asset that warrants such a purchase. It’s officially time for the pay-out! You should be entitled to kick up your feet, let the money come in, and enjoy your retirement.
The reality is, there are many different liabilities that need to be considered in the purview of a sale. Chances are that the purchaser of your business will never be able to run it quite the way you did. They may claim that they did not get what they believed they were paying for (through no fault of your own). It’s imperative to consider protecting yourself and your personal funds, should the purchaser attempt to assert any claims against you.
It’s also important to consider how much you will receive in proceeds, when/how the proceeds will be disbursed, and your involvement in the company following the sale from both an ownership and management standpoint. Each of these scenarios create different opportunities for liabilities. Vistage Member and Speaker, Attorney Hillel L. Presser, Esq., MBA will walk through the important questions to ask yourself and crucial steps to take to ensure that everything you have worked so hard for is protected in the event of a business sale. You’ve worked tirelessly to put yourself in the position of a business sale, let us assist you in making sure you get to enjoy the fruits of your labor.