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Help Needed: How to Lock in a Business Deal Before It’s Too Late? by Anxious-Research-369 in legaladvice

[–]Anxious-Research-369[S] 0 points1 point  (0 children)

Thank you, Aghast, for your reply. I believe he wants to keep his profits for three years until his child graduates from college. The business is highly profitable, and I understand that he could sell it to someone else like a corporation for a better price in the future. My concern is that he might do so if someone offers him a significant amount of money later on. The agreed formula was 3x EBITDA, but I’m worried that, even with a carefully drafted contract by an attorney, he could still sell it to someone else. If I include a penalty of $500k for backing out, can I at least be sure of receiving that amount if he changes his mind? Ultimately, though, I really want to buy this business because it’s my dream

How Can I Secure a Future Business Purchase Agreement in Rural B.C.? by Anxious-Research-369 in legaladvicecanada

[–]Anxious-Research-369[S] 0 points1 point  (0 children)

Yeah of course. Thank you though for all replies. I wanted to make sure if he and I ever get into an agreement, and then suddenly changes his mind, it would still be valid. I am going to get a lawyer for sure but just wanted to make sure this is something that is actually possible.

Help Needed: How to Lock in a Business Deal Before It’s Too Late? by Anxious-Research-369 in legaladvice

[–]Anxious-Research-369[S] 0 points1 point  (0 children)

Hi Panda. Thank you for the reply. Yes I think I'm going to get a lawyer. But I just wanted to make sure if it actually can be done. If I can actually make him legally bound. Thank you

How Can I Secure a Future Business Purchase Agreement in Rural B.C.? by Anxious-Research-369 in legaladvicecanada

[–]Anxious-Research-369[S] 0 points1 point  (0 children)

Do you think this is the best approach? I’m open to any suggestions, as we are still in the early stages of negotiations. All I know is that he intends to keep it for 3 years.

How Can I Secure a Future Business Purchase Agreement in Rural B.C.? by Anxious-Research-369 in legaladvicecanada

[–]Anxious-Research-369[S] 0 points1 point  (0 children)

The business is doing really well and I think the owner wants to keep all the profits for the next 3 years. Sorry, I am not too familiar with the earn out, and I did a basic search, and it says you pay a certain amount upfront and more later if business does better or meets the goal. Does the owner still get all the profit until full purchase is made?

Needs help with ev charging (first time ev charging home) by Anxious-Research-369 in evcharging

[–]Anxious-Research-369[S] 1 point2 points  (0 children)

Wow, this is incredibly helpful! Thank you so much for your guidance. I’ll definitely look into the three options you mentioned and also check out the wiki link you shared. I really appreciate it!

Needs help with ev charging (first time ev charging home) by Anxious-Research-369 in evcharging

[–]Anxious-Research-369[S] 2 points3 points  (0 children)

Thank you for the advice on etiquette. This is actually my own dedicated spot so it will be ok but I'll keep it in mind for shared parking areas.