Closing the Deal
No matter the size or sale type of your business you will want to settle on a price and close on payment. There may be multiple parties involved and multiple business parts involved. You will want to get all of these pieces recorded in writing.
This final agreement may involve non-compete clauses, non-solicitation clauses, and other clauses and agreements requested by the buyer(s) and seller(s).
If the sale is part of a retirement process or other exit process you may want to engage in some self-evaluation of your life not being an active business owner engaged in your project 24/7.
If you have a rather large business of high value you may want to rely on third parties to create your purchase/sale agreement. But, If you are a smaller business or just want to familiarize yourself with what to expect in an agreement, you may find it necessary to review some basic legal forms. In the following database look for "Purchase of Business Agreement."
After the entrepreneur sells their business (or share of a business) they may face a conundrum of what to do next. There are multiple options one can go, some sellers take a smaller part, some simply transition their entrepreneurial skills and the equity earned to other new business interests (that don't contradict any clauses in the sale agreement), other have sold in order to enjoy a retirement. Learning new ways of focusing daily energy might be the hardest task yet.