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Posts tagged "buy-sell agreement"

I want to sell my franchise, do I need an attorney?

The sale of any franchise or business would be less than prudent if the seller did not have the protections outlines in a detailed Buy-Sell agreement. As a Seller you purportedly do not want to remain on the hook for more than absolutely necessary. Its not just about getting your purchase price, it is about becoming legally absolved from further liability where you can. And if you are carrying back a note for some of the purchase price, then you are still tied to the business, and potentially tied to the success of the business. Careful documentation of the details of a cary back note and obtaining security are critical, since if the business has cash for problems, you may be the first to NOT get paid. You definitely want to have security separate and apart from the business---do you really want to take back over the business? If so, this needs to be properly documented not only with the Buyer but with the Franchisor. Having legal counsel assist you with the documentation is critical since years later debtors of your buyer may start calling you again if the buyer defaults. Having a business broker is not enough, even if they provide a "form" assets purchase agreement. These are woefully deficient. There is no substitute for real legal counsel. The small investment today will save huge headaches and potential litigation in the future.

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