KEN KIRSCHENBAUM, ESQ
ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE
You can read all of our articles on our website. Having trouble getting our emails? Change your spam controls and white list ken@kirschenbaumesq.com
************************************
are you supposed to understand the agreement to sell your business / Webinar notice / Holiday party notice
September 26, 2018
**********************
Save the date: This years K&K annual party will be on December 14, 2018 from 6:30 to 9:30 PM at Pine Hollow Country Club, East Norwich, NY. We are going to need a head count this year and restrict the invitation to you and guest. invite with RSVP will be sent out soon. Hope to see you.
*****************
Free Webinar: September 27, 2018. 12 to 1 PM EST. Round table discussion on preparing your company for sale [we may get to buying considerations too]. Business brokers and consultants will join the discussion. Mitch Reitman, Robert Shoremount, Barry Epstein and Rory Russell are our Round Table Experts. Join us by reserving your spot: Click here to register: https://attendee.gotowebinar.com/register/597273801145255682
*******************
are you supposed to understand the agreement to sell your business
*******************
What obligation do you have to read and understand the agreement to sell your accounts, your company or your interest in the business? Is it enough that your attorney assures you that he or she understands the terms; not to worry? Do you think that maybe, just maybe, something is wrong with the contract terminology if you need your lawyer to explain what the contract terms mean? Finally, what do you think the consequences are when you do enter into and sign a contract with confusing terms?
Well I have a few answers for you. You do have an obligation to read the proposed contract; you have an obligation to understand the contract. If the contract needs to be explained to you, or you need to be told what it actually means, there is a problem, and it's not with you, it's with your lawyer. As for consequences, well there's going to be confusion after the closing, disagreement, disputes and possibly litigation. You may lose some or all of your "hold back" money. You may owe more than just the hold back money. You may lose other benefits you were counting on.
I am not talking about contract provisions that you don't like. You could be agreeing to plenty of terms you had hoped would be more favorable to you. For example, you may have agreed to litigate disputes exclusively in a place 2000 miles from your office; a place you never visited or even heard of. But what I am talking about are contract provisions that are so convoluted the terms almost defy reason; you don't know what to make of the terms. Then you're mollified when your lawyer tells you what he thinks it means.
Sorry, but are you crazy? You are selling your single most important asset, your business. A business you built and now you want to agree to terms that you don't really understand? It's bad enough you are agreeing to terms you don't like, but unacceptable that the contract is so convoluted that you can't really understand it. Maybe it's written in legal terms, legalese. Maybe you're not supposed to understand it. Maybe your lawyer regularly speaks Latin.
There are only two possible outcomes on a sale of alarm accounts. You are happy or you're not; you're satisfied or you're not; you feel you made a good deal, or you didn't; you ended up as expected or you feel like you got screwed.
If you are in the alarm business this message is for you. You are going to sell eventually, or your kids are and you need to leave them a legacy, not a headache. As it happens we are having a webinar on September 27, 2018 at noon NY time. It would probably be worth your time to attend. Register here: https://attendee.gotowebinar.com/register/597273801145255682
No time to attend. Then just remember to engage the Merger and Acquisition team at Kirschenbaum & Kirschenbaum when you're ready to get serious about selling and in the mean time, update your contracts today, times running out. Get the updates here: www.alarmcontracts.com
******************
NOTICE: To ensure that you continue getting our daily emails please sign up with our other email delivery service. Click here: https://www.kirschenbaumesq.com/page/newsletter-sign-up You can always read our emails on our website at www.kirschenbaumesq.com/page/alarm-articles
*******************
This area is reserved for alarm classifieds, alarm company announcements, solicitations, offers, etc. Those wishing to sell or buy; borrow or lend; dealer program or dealer; central stations; insurance brokers; business brokers, insurance companies. Equipment to sell; looking for employees; subcontractors; mergers;
There is no charge to post a listing here.Include your contact information, phone, email and web site. If you would like to submit a posting, please send an email to ken@kirschenbaumesq.com. To create a reciprocal link to our website, click here.
**************************************************************************************
Many of you are forwarding these emails to friends or asking that others be added to the list.
Sign up for our daily newsletter here: Sign Up. You can read articles and order alarm contracts on our web site www.alarmcontracts.com
Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301
ken@kirschenbaumesq.com
516 747 6700
www.KirschenbaumEsq.com