OUR PRACTICE

SELLING YOUR BUSINESS

SELLING YOUR BUSINESS IN CALIFORNIA?

Selling your business can be a happy time or it can be filled with frustration. The most difficult part is finding a buyer. Very often businesses are sold to someone already active in the business. A key employee can see the potential of the business and has already been trained in how it operates.

Once you have a buyer you need to set the terms of sale. Will you ask for all of the sales price up front or will you have to accept payment over time? If there is payment over time what are the terms of the note and what security will you rely on in case there is a default.

Are you selling the entire organization or just the assets? What assets are you keeping? How will you handle receipts that come in after the date of sale? How will you handle expenses that come in after the date of sale? Are you willing to include a “non compete” clause in the agreement? A good Purchase and Sale Agreement (P&SA) will address these and many more issues and clearly delineate the split of responsibilities, liabilities and payment terms. It will limit your liability if things go sour in the future. In addition to a good PS&A plus supporting exhibits, a Bill of Sale and possibly a Promissory Note.

We can prepare these documents and help you make key decisions regarding the sale of your business.

Call the Law Office of Terry L. Thompson for initial free consultation.
(925) 855-1507

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