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 need to be addressed in the document so that 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
Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. To learn more about our credentials and awards, please visit https://heritageinvestor.com/awards-certifications/. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.