Wednesday’s= Succession
When a business owner is contemplating selling his business they are generally convinced that they will never want to do this work again.
A store owner says that they don’t ever plan to wait on a customer, an accountant says they have done their last tax return, you get the idea. However, the reality is that some business owners get bored and find themselves drawn back to the type of work that gave their day a purpose.
Keep this in mind when you are looking at the non-competition clause in the purchase and sale agreement for your business. Generally these clauses talk about prohibiting you from doing similar work for three years in the geographical area in which you have done your business. This is likely fine, but don’t go for anything that says you will never do this type of work again anywhere.
The usual remedy for breaking the non-competition clause would be for the buyer of your business to return it to you and ask for their money back. This is not what you want.
Make sure you get a non-competition clause that you can live with and that you understand the clause you agree to follow.
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