What and Why?An earnest money deposit, otherwise known as an escrow deposit, is an important part of any asset purchase contract. It is essentially the buyer’s initial deposit on the purchase of the business, which is held by a neutral third party, like the closing attorney or escrow company. The deposit is the buyer’s “skin in …
A non-compete agreement or covenant not to compete between a buyer and seller is almost always included in the Asset Purchase Contract. Why?A buyer will not want to purchase a business, only to find that the seller is creating a new business just down the street that will compete with the one they purchased. Therefore, the …
When a buyer submits an offer to a seller, the seller can respond in one of three ways. First, they can accept the offer as is. Next, they could just outright reject the offer if it just isn’t in the ballpark of what they would accept. Alternatively, the seller can choose to counter the seller’s …
Like so many of our friends and neighbors in Florida, we are shaken and saddened by the tragic loss of lives and livelihoods within our beloved southwest Florida community in the wake of Hurricane Ian. We have also been immensely inspired not only by the heroic actions of emergency services personnel and support networks throughout …
