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Help Please! Selling my business!!


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Hi and first of all sorry if i have placed this in the wrong section.

 

I have a small business and have decided to sell it to a friend for the sum of £10,000. He is willing to take over and pay me at the end of the month in full.

 

What suggestions have you if any that will cover me to ensure he pays the amount in full at the end of January - shall I get a solicitor to draft an agreement up???

 

 

Many thanks in anticipation

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no doubt you will need some form of legal binding contract between you both . also can he give you a deposit ? why cant you wait until end of january? when he has the cash ? what type of buisness are you selling ?both parties need to be covered legally here ?

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Hi its a car sales business that ive owned for a few months now and i wanted out for family reasons. 1st Jan seemed a really good and convenient date as we didnt want to plough any more cash into the business really. He has been in the game a lot longer than us and we felt that if we didnt sell to him then we would have struggled to sell to anyone as there is only a short lease left.

 

 

thanks again

no doubt you will need some form of legal binding contract between you both . also can he give you a deposit ? why cant you wait until end of january? when he has the cash ? what type of buisness are you selling ?both parties need to be covered legally here ?
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