Thread: Sold small gym
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Old 04-08-2014, 01:33 PM   #15
Douglas Menikheim
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Join Date: Oct 2009
Location: Merrick  NY
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Re: Sold small gym

Brendan, quick question. You say you used an escrow agent so everything would be done right? Im curious what you mean by that and what the escrow was for? Was the entire purchase price put in escrow?

I am a corporate attorney and handle a lot of M&A for clients, particularly for small businesses. In my experience if this was a signing and delayed closing (such as in an instance where the purchaser needed to go out and get certain consents or licenses - say their affiliation) then maybe a downpayment would be put into escrow pending the closing. Post-closing escrows would be a different story. Obviously it doesn't matter much because you got your money, but I was just curious.
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