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,
@Greg R you have very specific insight into this.
Bro, it's called indemnification. Your lawyer is not going to let you have any liability from the company's past actions. Also, it is an asset sale that limits liability too. On top of that. If he sold the assets, they will be going after him for the cash because that is now his asset.
I was involved in a business deal to buy a construction company. That one fell through, but the process was documented here.
https://www.thefastlaneforum.com/co...xponential-value-gregs-progress-thread.71223/
You can also PM to chat. Even @OperationMyWay may be able to chime in.
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.