Ken asks…
Selling and financing my business ~ how should I protect myself.?
Hello,
I am selling my online business and found a buyer. My business is a profitable business. We agreed to the buyer putting a big amount down and then paying the balance over a period of 7 months. We are going to obviously have an agreement in writing. My question however is… At what point do I transfer the domain name and bank accounts over to the new owner? I feel like I should keep something in my name until it is paid in full so that I can protect myself. Please give me your feedback on this.
Thanks!
admin answers:
Securing with the domain name will probably do the job, if the new owner agrees to that. However, chances are they will not.
So the best thing you can do, is try to secure the financing with something outside of the business. For example a note on the property owned by the buyer.
If you are not using an attorney, get one. They will come up with a method to get you the most secure financing available.
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