Re: Sold small gym
First I want to make it clear in the end this was a good sale. The new owners are happy operating the gym and we had no issues. From what I am seeing on my Facebook feed the members are happy with the new owners. I believe part of the reason for this is we were careful and went through this process to make sure we covered everything.
This all comes under the "Good fences make good neighbors." idea.
No legal representation. Choose to do it myself through the escrow company. Not enough money involved to justify the expense and my back ground is business so I felt very comfortable through the process.
Used the escrow agent so it was all documented through an independent third party.
In many ways it was like a real estate deal. Once it was finished and I fulfilled my obligations to transfer everything I was free and clear. This was one of my requirements.
The gym has a great landlord. He decided it was best to just sign a new lease. I know they signed for 3 years which is longer then the options my lease was currently operating under. I had 5 more years in options at 2-1-1-1.
I didn't get specific indemnification but I feel comfortable I have clear documentation of the hand over if it ever landed in court. I'm also still covered by the RRG during the transition period and they have to defend any claims.
Remember I only had 1 buyer so my goal was to close the deal without giving my gym away. I did what ever it took to make the buyers comfortable. You can have the best contract and process in the world that is legally perfect but if it kills the deal then it fails.
I got enough for my gym, I'm happily living on the other side of town, my girl friend, at 41 years old, got a tentative offer from Chandler PD and is off to academy. She will be perusing her life long dream of working in law enforcement (after being a single mom for the last 23 years). I will have enough time to run the house and support her while she works hard to keep up with people almost 1/2 her age. I couldn't do this if I still had the gym.
In the end life is good and that is what is really important.
Off to work with my Olympic lifting coach. I have vowed to full extend my hips before I die at least once! If I can figure this out I'll be pretty good for my age and weight.