You agreed to WHAT? Know the Unknowable before Signing Away $ Millions
At lunch yesterday, I had the guilty pleasure of hearing “war stories” from a group of lawyers, accountants and bankers. Sometimes lunch with this crowd is yawn-inducing, but these guys were on a tear and each told of an unlucky client who had accidentally lost millions in a business transaction.
My favorite story was of a guy who bought a small company. The seller and he had agreed to “draw a line” on the date he purchased the business. Any sales the company made before that date belonged to the seller. Any sales made after, of course went to the buyer.
Seems innocent enough. In fact, I signed an agreement exactly like this when I sold my business. What could go wrong?
