Selling sole-proprietor construction business
I want to sell my construction business to an employee. He needs to pay for it on a monthly basis. I'm considering staying on as an employee/advisor until the purchase is paid in full. How are business selling prices generally determined? How do I transfer the business and protect myself from further legal responsibilities? If I keep a joint checking account
with the new owner will that be a possible liability for me?
Asked on 10/25/06, 9:39 pm
2 Answers from Attorneys
Gerd Zimmermann
zimmermann nielsen & colleagues
Re: Selling sole-proprietor construction business
There should be more information to give correct advice.In no way I would recommend to remain assecond accont holder afternte sale. Business values are detrimed by three factors, revenue, inventory, customer base
Answered on 10/26/06, 9:48 am
James Jenkins
Jenkins Law Center PLC
Re: Selling sole-proprietor construction business
Selling abusiness for anything other than cash always has some risks. Being on a bank account could give you unespected liability in a number of areas. You need a detailed and comprehensive contract. See a business attorney. This is not a do-it-yourself project.
Answered on 10/26/06, 12:32 pm
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