Most business owners who decide to sell are interested in leaving the company. Maybe it’s time for you to retire, for instance, and the money from the sale is your retirement fund. Maybe you’re looking to start a new business and you’re going to start it with the money from the sale. No matter the reason, you’re moving on and letting someone else take over.
But what if you’re not ready to leave yet, but you just don’t want to be the owner anymore? Can you sell your company to someone else and then come in on Monday and keep working?
You can add this to your sale contract
You certainly can stay at the company if you want, but you and the buyer need to agree to it beforehand. (For their part, the buyer may even desire this, especially if they want to use your knowledge during a transition period.) You can add this into the sale contract. One of the terms of the sale could be that you get a certain position and salary after the business changes hands. You may get a lower sale price, but you retain your job and earn even more.
Additionally, it’s common for the buyer to ask you to stay on a temporary basis. They want to learn from you and get hands-on experience. They may only agree to buy if you’ll stay for two months and show them the ropes. Again, this can all be negotiated upfront and neither side is obligated to agree to anything, but it is certainly possible if that’s what you desire.
If you do want to do something like this and create a more complex purchase agreement, be sure you know exactly what steps to take to make sure everything goes as planned.