This week Automotive Buy Sell Report welcomes a new contributor, R. Scott Mahl of US Bank. He argues persuasively for bringing a financial partner into a buy sell deal early in the proceedings. As a buyer, having your bank or other financial partner involved early in the proceedings offers expertise with a wide variety of clients and also can speed the deal along by taking care of obvious yet oft-overlooked details such as setting up a bank account for the new legal entity.
All buy sell agreements contain non-compete clauses. When you hear that phrase you likely think of a simple definition such as not opening another dealership in the same area. But non-compete clauses can be so much more, Len Bellavia points out in his column in this week’s issue.
For example, if the seller has multiple dealerships in the same market area, all the seller’s dealerships should be included in the non-compete clause. They should also be prohibited from soliciting customers of the dealership being acquired.
And of course we have Transaction News.