Sale of business contracts: How to create your template.
Don’t run into trouble when selling your business. Learn what to include in a comprehensive business sales contract.
It can be bittersweet to sell a business you’ve poured your heart and soul into, but you can also make a lot of money. Selling a business involves a lot of documents, and one of the most important is a business sales contract. Here we’ll explore what you should cover when selling your business.
Name the parties.
Clearly state the names and locations of the buyer and seller. You must also include the exact name and address of the business you’re selling.
List the assets.
Detail every physical, financial, and intangible asset that will be affected by the change in ownership. This list could include buildings, vehicles, machinery, furniture, cash, bank accounts, business name, intellectual property, and more.
Define liabilities.
Carefully describe all liabilities the buyer assumes as part of the transaction. For example, these could include owed taxes, debts, and loans.
Set sale terms.
Define how the buyer will pay for the sale, how many payment installments are involved, when they’ll transfer the funds, and any other financial details. Also, include any possible brokers and a clause about how you’ll resolve payment disputes.
Include other agreements.
Business sales contracts often include many other agreements, such as non-disclosure or non-compete agreements. Detail each of them in your contract. You should also add a disclosure agreement where both parties reveal any factors that could impede the sale, like debts or outstanding lawsuits.
Make your sales agreement digital.
Digital business sales agreements are faster and easier to process than paper ones since you can share them instantly and always track their status. Additionally, you can sign them anywhere with a secure and legally binding e-signature.
With Acrobat Sign, you can share contracts with multiple recipients with a click of the mouse, request and track signatures, sign documents on any device, and much more.
Discover what more Sign can do to help facilitate the sale of your business.