Here’s the link to the recording of my webinar, https://youtu.be/CrRVYFkxnfA
- Be sure to see the show notes, for the link to the supporting PDF.
Some of the comments from viewers:
I first downloaded and read your PDF, and then I watched the video. Seeing the checklist before watching your webinar made me more aware to what you’re trying to us. Another kind of good “trigger.”
I like how you answered the questions, and especially how you interspersed the tips and warnings.
Good thing, during your webinar, that you didn’t try to cover all 128 considerations; as you say, “it’s like drinking from a firehose.” Your PDF stiches it all together.
TIP: Google all the considerations and alternatives, using the list in my PDF.
(I was amazed, while researching, at how many ways people can handle PGs. You’d be watching dozens of my videos on PGs were I to fully explain, which btw I couldn’t. That’s why we have lawyers. And why we research before spending money with lawyers.)
Here’s a summary of the webinar:
The webinar covers the reality, pitfalls, alternatives, workarounds, dos, and don’ts associated with PGs. I explain that while it is rarely possible for buyers to avoid PGs, it is possible to negotiate concessions or limitations to water down the PG. I advise buyers and sellers to begin with realistic, informed expectations and not act upon their unreasonable expectations. I also explain that sellers risk their confidentiality every time they communicate with a potential buyer.
Buyers must correctly respond to sellers who demand PGs. There is zero room for anyone to wing this kind of conversation. I advise sellers and buyers to build bridges to a negotiation rather than a walk-away.
Reality: Avoiding PGs is negotiable if buyers and sellers know how to do it.
You’ll get tips on how to avoid giving a personal guarantee (PG) when seeking financing or acquiring a business entity. The tips include negotiating with the seller or lender, asking for alternative financing, improving credit score, and hiring a competent lawyer. It is also important to understand why the other party is requesting a PG and the implications of signing one.
The presentation also highlights the risks of becoming personally liable for corporate debts, even without signing a PG, and the factors that can pierce a corporate veil, making one personally liable for corporate debts.
Finally, the presentation emphasizes the importance of negotiating the terms and scope of the PG obligation, including disclosure, triggering events, recourses, and ongoing obligations.
Need help right now?
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21st Century Entrepreneur Ideas for Kids and Aspirational Adults (Complimentary)
How to Get ALL the Money You Want For Your Business Without Stealing It (USA and Canadian versions.)