I had a lengthy discussion with a client who is selling his interest in 5 businesses to his business associates for $1.15 million, on 90% vendor finance, with payments of at least $48,000 per month for 2 years.
We sorted out the basic terms on Monday and finished version X of the draft agreement yesterday for the client and the business associate to review.
Our client will take security over the businesses and their assets, all of trust assets of the entity that is buying my client’s interest and the personal assets of the key person behind the trustee company.
The buyer is looking to get new associates to buy into the businesses, and we have arranged for at least half of any payment for entry being paid to our client.
For Business Sale Agreements, see Michael Paterson & Associates