Products tagged with 'sale of business as going concern'

Sell your business to an employee with this downloadable Agreement for Purchase of Business as Going Concern.

• The Agreement for Purchase of Business as Going Concern is a great succession planning tool if you have no family members able or willing to take over the business.
• The transaction will take place upon the winding up of current business operations by the present owner.
• The agreement terminates the employee's employment, and establishes an agency relationship between the employee as buyer and the owner as seller with respect to ongoing contracts and obligations of the business.
• The buyer, as agent for the seller, will pay the outstanding liabilities and will perform any required warranty or service work under existing contracts with clients.
• This is a generic legal contract template which does not contain references to the specific laws of any country or jurisdiction.

Prepare a Schedule to an Asset Purchase Agreement for the purchase and sale of the assets of a hotel business with this downloadable template for Ontario.

• Room rentals, restaurant and lounge receipts will be adjusted at midnight on the date of closing.
• Method of transferring the liquor license to the purchaser.
• The seller warrants that the employees are not represented under a collective bargaining agreement.
• Conditions of the purchaser for closing the transaction.
• Representations and warranties of the seller.
• Disclosure of revenues, expenses, contracts and business information.
• Assignment of service contracts and leases, trade names, signage and phone numbers from the seller to the purchaser.
• This Asset Purchase Agreement Schedule addresses the special matters to be considered when purchasing hotel assets under Ontario provincial laws.
• Available in MS Word format and fully editable.
• Intended to be used only in the Province of Ontario, Canada.

Attach this Schedule to an Asset Purchase Agreement for the assets of a restaurant business in the Province of Ontario.

• Procedure for transferring the liquor license to the purchaser.
• The seller warrants that the employees are not represented under a collective bargaining agreement.
• Conditions of the purchaser for closing the transaction.
• Representations and warranties of the seller.
• Disclosure of revenues, expenses, contracts and business information.
• Assignment of service contracts and leases, trade names, signage and phone numbers from the seller to the purchaser.
• The Schedule to Asset Purchase Agreement for Restaurant covers the special conditions that apply when purchasing restaurant assets under Ontario provincial laws.
• Available in MS Word format and fully editable.
• Intended to be used only in the Province of Alberta, Canada.

Conduct your due diligence business review prior to buying a hotel or motel in Ontario with this Hotel or Motel Acquisition Due Diligence Checklist.

• The checklist lists the various issues that you should review with your legal and financial advisers before proceeding with the purchase of the hotel business.
• The form includes a breakdown of which items are to be handled by (i) the lawyers, (ii) the purchaser, (iii) the vendor.
• The Due Diligence Checklist is available in MS Word format and is fully editable.
• Intended for use in the Province of Ontario, Canada.

This free article will steer you through the issues to consider if the sale of your business has an earn-out component or a deferred payment (seller financing) option.

Key Issues

This article covers a number of issues that must be considered, including:

• determining a fair price,
• negotiating reasonable terms and interest rate,
• determining the amount of money the buyer will put in at the outset,
• securing the unpaid balance of the purchase price,
• considering rights of setoff,
• setting payment milestones, and the consequences for missing a milestone,
• dealing with financial needs and operational decisions of the business until the purchase price has been paid in full.

Risk Management Strategies for Problems Arising After Closing

The writer also touches on how you should address potential problems that could arise after the closing, such as:

• Death of either party
• Default
• Insolvency of either party. 

Planning Your Exit Strategy

The information provided in this article is intended to help small business owners exit from their businesses through a carefully structured seller-financed or earn-out sale arrangement.

Author Credit

This article was written by Phil Thompson, business lawyer and corporate counsel in Ontario, Canada.

This guide for small business owner managers explains how you can include senior employees in your business succession plan.

Why You Should Include Employees in Succession Planning

There are a number of good reasons to include your long-time employees in your business continuity planning:

• It is a way to give deserving employees an opportunity to acquire the business.
• This is a viable alternative if your family members have no interest in taking over the business. 
• Senior employees often represent the best possible buyers for the business, as they are already actively involved in its operation.

Contents of the Guide

This guide sets out the pros and cons of this exit strategy, the issues you need to consider, and how to structure the deal in the best interests of all parties.

Author Credit

This expert guide was written by Phil Thompson, business lawyer and corporate counsel in Ontario, Canada.