The Legalities of Selling Your Business, with Mital Patel The Justin Goodbread Show

In episode 386 of Financially Simple, Justin talks to Mital Patel of Triamicus Law about the legalities of selling your business.
With the “do-it-yourself” attitude of most business owners, some of the important, complex, and difficult legal issues that crop up when selling a business can be overlooked or even ignored. In this episode, Justin and Mital go over the purchase agreement and consider the important fundamentals that must be addressed in the document so both the buyer and seller and even third parties involved are not liable for preventable issues.
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TIME INDEX:
00:42 - The Legalities of Selling Your Business, with Mital Patel
03:56 - What is a Purchase Agreement
06:24 - The Importance of Language in Provisions
09:11 - When is an Agreement Needed
14:17 - Be Prepared
17:10 - Other Areas an Agreement Covers
18:31 - Red Flags
21:19 - Recommended Reading
23:26 - A Nugget of Wisdom
25:07 - Wrap Up
 
USEFUL LINKS:
Work with Our Team
Mital Patel on LinkedIn
Triamicus Law
What Would the Rockefellers Do? by Garrett B. Gunderson
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
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NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.

DISCLOSURES:
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Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
 
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the nu