Ask a Lawyer - Archive

I own a business and am really wanting to sell. It's too much time away from my family, so the sooner the better. Interested party wanting to buy, but want to pay 20,000 down and 10,000 in 6 months and 8,000 in 3 months after. They can't put business in their name until January, and I still owe on my loan for more than the downpayment. Can this work? I don't want any responsibility after papers are signed and everything out of my name.

You may be talking the impossible dream. Buyers in the situation you describe will always want to defer as much of the purchase price as possible. The statement that they can't put the business in their name is a big red flag. And what about your lease? You do not mention the lease, which is oftentimes the number one factor that drags down a new business or prevents a sale if the landlord does not consent to an assignment thereof. You may be forced to go through with this deal if you don't have anyone else interested in buying the business, but you are likely going to remain on the hook for liabilities of the business. Have you thought about hiring a broker to try to market the business on your behalf? Regardless, you should go see an attorney to get some advice specific to your situation.