QUESTION
How to write a contract for planned transfer of a business.
Asked on Apr 27th, 2016 on Business Law - California
More details to this question:
The owner of the small business (Corporation) that I work for has offered me the opportunity to buy the business from him over time when he retires. He will be retiring in approximately three years. I have agreed and told him I want a contract committing to this agreement and also protecting my right to take over ownership if something should happen to him before retirement. He has agreed to a contract. The price will not be determined until closer to the time of his retirement. He has daughters that are not interested in the business.
1 ANSWER
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Doland & Fraade
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A simple question but confusing. Yes, you both need a contract to protect your very different interests in this transaction.
How to write it? Business transaction attorneys do it regularly and charge for it. They are not simple do it yourself agreements. I know of no form book you can turn to for a sample. You can find some samples online but I cannot comment on whether they are sufficient for your needs.
Answered on Apr 28th, 2016 at 3:09 PM