Without question, over the past few months, the most disturbing calls I have received have been from individuals that purchased businesses without legal help. Invariably, they did not receive what they thought they were purchasing. In one case, the individual paid $90,000 and received worthless documents. To make matters worse, the seller was dishonest,uncooperative and kept the money as what he justified as "liquidated damages".
Today's asset protection tip for buyers of businesses is to always seek legal help BEFORE you pay the money, even if just to review the closing documents before signing. Never sign documents without legal counsel's prior review.
RDS
Wednesday, June 10, 2009
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