Selling the Business
One of the ways out when a business is failing is to sell the business. In Unit 16, we discussed the procedure on how to go about selling one’s business. Here, we bring it up simply to remind you that this is a choice for dealing with a failing business.
Divesting oneself of a business can be mentally challenging, perhaps on some levels even more so than ending the business. When an entrepreneur ends a business, they feel a sense of loss but there is nothing to check on or monitor. When they sell their business, they may obsess over how the company is doing. This is unhealthy.
What you can do as an attorney is remind (if necessary) your client that they need to follow the agreement. If the agreement has a non-compete clause, then the seller must not compete. There may also be a non-interference clause that requires the seller not to interfere in any way.