Legal Question in Business Law in Massachusetts
Selling Business
I just received an offer to buy my buiness. There is a paragraph in there that i am not sure of: '' The Seller's consumable assest shall be purchased by the buyer at the closing. Receivables will be valued at the face value and inventories, raw materials and other materials will be valued at the selle' actual cost as represented on the seller's books.'' This is a fitness buisness and not sure what they are talking about.
3 Answers from Attorneys
Re: Selling Business
Consumable assets are generally things like, products sold to consumers, or things used for maintenance and supply of the business such as water if you get something like poland spring and give it to your clients for free. Paper plates in a restaurant would be a consumable.
Receivables would be memberships that have been signed for and payments are due. Most of the rest applies to manufacturers, retailers of products or restaurants. If you need assistance, please feel free to contact me without obligation, but I would have an attorney review the agreement so it makes appropriate sense in light of the business and what you are selling.
Re: Selling Business
You should have an attorney review the documentation before signing. There may be other terms that might affect the terms of the deal. Much litigation is filed over the sale of businesses.
Re: Selling Business
Some transactions are so important that the services of a seasoned professional are vital. A purchase such as this is such a transaction.
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