Should an Owner Finance the Buyer of Their Business?

After several months of telling family and friends that his wedding venue business on Big Bux Ranch was for sale, Jeff Bux is contacted by his biggest competitor Hustler Plentee who also owns a wedding venue in the next town south of Buxboro. Hustler asks if Jeff will tote-the-note because his credit is maxed out at Buxboro State Bank, which is owned by Ernest “Big Daddy” Bux. Wanting to avoid a broker’s fee and an attorney’s time, and hoping that he might be able to get a job at the Bank, Jeff – uncharacteristically – asks his father for advice to help him sell it himself. Can Jeff sell his own business? If you were Big Daddy what would you say? Legally? Sure. It’s perfectly legal for Jeff to go to the internet and get all the forms that he thinks he needs to button up the sale of the Big Bux Ranch Wedding Venue. Of course, it’s simple, right? There’s no real concern that Hustler has a competing business just down the road,…

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