I recently met a new friend whose career story is unusual these days. He has worked at the same fish wholesaler for 30 years, and this has been his only job. Over time he has become the trusted number two and key executive to the owner.
The owner's wife got diagnosed with cancer six months ago, and the owner is now focused on taking care of her. He has two kids with no interest in the business – and he wants to sell it to his second in command.
These two men have a beautiful and caring relationship. They have been through thick and thin for thirty years. So they are thinking about a simple transaction where the current owner will be able to pull his salary for a few years as payment for the business. They are considering doing this without lawyers and on a handshake.
Life doesn't always work out as hoped. When doing a transaction like this, you need professional and legal help. There are many unintended consequences that you might not think about.
Are you thinking about an acquisition or a partner buyout? Want to learn more about how the SBA can help you? Join us for a webinar on Tuesday at noon by clicking here to join us: https://ax1e70vo.pages.infusionsoft.net