Attorney Needed to draft Business Purchase Agreement with some unique terms
Budget: $100 – $500 USD
I am in the process of buying a business from a friend. We have already agreed to the terms of the agreement and just need an attorney to draft a formal purchase agreement. This is an urgent project and priority will be given to someone who commits to doing this as quick as possible. Please indicate how fast you can turn this around in your bid. I anticipate the need for 1 round of revisions after my friend reviews, please include your hourly rate to revise whatever redlines we have after the initial draft.
Here are the basic terms:
1. 5 year option to purchase.
2. Purchase price is Three times 12 month gross revenue up to $100,000(rev).
3. For gross revenue in excess of $100,000 then all additional revenue will increase the purchase price by 1X.
Example, $80,000 in annual revenue would have a purchase price of $240,000 (3x$80K). $120,000 in annual Revenue would have a purchase price of $320,000 (3x$100K and then 1X$20K)
4. If a third party purchaser enters into a contingent offer with seller, buyer has 30 days to execute the current offer to purchase and then payment is due within 90 days from the date of execution.
5. You would disclose the right of first refusal to any potential purchaser.
6. The right of first refusal is based on the initial negotiated offer and not on the contingent price.
8. The purchase is for assets of the business which we will list as an attachment to the purchase contract on our own. The draft should refence "Attachment A" for the assets
Here are the basic terms:
1. 5 year option to purchase.
2. Purchase price is Three times 12 month gross revenue up to $100,000(rev).
3. For gross revenue in excess of $100,000 then all additional revenue will increase the purchase price by 1X.
Example, $80,000 in annual revenue would have a purchase price of $240,000 (3x$80K). $120,000 in annual Revenue would have a purchase price of $320,000 (3x$100K and then 1X$20K)
4. If a third party purchaser enters into a contingent offer with seller, buyer has 30 days to execute the current offer to purchase and then payment is due within 90 days from the date of execution.
5. You would disclose the right of first refusal to any potential purchaser.
6. The right of first refusal is based on the initial negotiated offer and not on the contingent price.
8. The purchase is for assets of the business which we will list as an attachment to the purchase contract on our own. The draft should refence "Attachment A" for the assets