User Power
Value/Post Ratio
234%
- Sep 16, 2019
- 44
- 103
Hello Fastlaners,
I'm in the process of buying an offline business in the construction niche. So far everything looks good from the due diligence I did.
It's going to be an asset sale. I'm buying equipment, customer and vendor list and taking on the experienced crew.
1. When I did the UCC1 search I find the Merchant Cash advance company put a blanket lien. Even though they are after A/R and taking a % of cash deposited, the language includes " tangible and intangibles" in it. How do I make the asset sale and trigger any unwanted issue?
2. I've a question with the closing process - I execute the "purchase and sale agreement" and the "Bill of Sale" and is there anything else I need to put in there?
3. What should I do to be absolutely sure that I am not getting any "Successor Liability" issue?
Thanks,
I'm in the process of buying an offline business in the construction niche. So far everything looks good from the due diligence I did.
It's going to be an asset sale. I'm buying equipment, customer and vendor list and taking on the experienced crew.
1. When I did the UCC1 search I find the Merchant Cash advance company put a blanket lien. Even though they are after A/R and taking a % of cash deposited, the language includes " tangible and intangibles" in it. How do I make the asset sale and trigger any unwanted issue?
2. I've a question with the closing process - I execute the "purchase and sale agreement" and the "Bill of Sale" and is there anything else I need to put in there?
3. What should I do to be absolutely sure that I am not getting any "Successor Liability" issue?
Thanks,
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.