Nov 22, 2021
In episode 386 of Financially Simple, Justin talks to Mital Patel of Triamicus Law about the legalities of selling your business.
With the “do-it-yourself” attitude of most business owners, some of the important, complex, and difficult legal issues that crop up when selling a business can be overlooked or even ignored. In this episode, Justin and Mital go over the purchase agreement and consider the important fundamentals that must be addressed in the document so both the buyer and seller and even third parties involved are not liable for preventable issues.
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00:42 - The Legalities of Selling Your Business, with Mital Patel
03:56 - What is a Purchase Agreement
06:24 - The Importance of Language in Provisions
09:11 - When is an Agreement Needed
14:17 - Be Prepared
17:10 - Other Areas an Agreement Covers
18:31 - Red Flags
21:19 - Recommended Reading
23:26 - A Nugget of Wisdom
25:07 - Wrap Up
Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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