The following is a short checklist of items that should be addressed in the agreement for the sale of your business:

– Names of seller, buyer, and business
– Background information
– Assets being sold
– Purchase price and Allocation of Assets
– Covenant Not to Compete
– Any adjustments to be made
– The Terms of the Agreement and payment terms
– List of inventory included in the sale
– Any representation and warranties of the seller and buyer
– Determination as to the access to any business information
– Determination as to the running of the business prior to closing
– Contingencies
– Fees, including brokers fees
– Date of closing