How to get screwed with licensing language
You have to be very careful about what’s in a contract and what the contract is titled. For example, I had a client that came to see me one time because he had been what he thought buying a business for about 10 years. But it turns out the language kind of read as it was a licensing agreement, meaning at the end of the term, my client lost the business and it reverted back to the owner. I’ve seen some tricky business owners out there, use this maneuver. So always make sure you tell your attorney to carefully review a contract before you sign it and make sure that if you’re going to spend years and years purchasing a business, you’re actually going to own the business when it’s said and done.