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Buying or Selling a Business?

December 02, 2010

This week I’ve been asked to give advice on a 50 page business sale agreement. The purchaser price is about $650,000, so it needs to be right. My client has been waiting about 6 months for the seller to provide a sale agreement.

I was given a PDF to review. I printed it and re-scanned it so that I had a searchable PDF, which makes it a lot easier to track where definitions are used for example. I spent about an hour reviewing the contract.

I met with my client for 2 hours on Tuesday afternoon, amended the agreement to better reflect the deal, correct various problems and give some better protection to my client.

I created a redline comparison between the new version and the old version to highlight the changes and e-mailed it to the client to review.

I spoke with the client for 45 minutes yesterday, amended the document as we spoke, created another redline-amended comparison which I e-mailed to the client to pass on to the buyer.

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