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replies(9):
Happy to answer take any feedback and answer any questions about this post.
Q: personal guarantee loans/contracts
I know it's common practice for lenders & commercial real estate to make small business owners personally guarantee the loan/contract.
Did you have any of this? And if so, how did you unwind those contract?
No, the only place where I was personally on the hook was credit cards, but that was fine because I just paid the balance and closed the accounts.
I maybe had to give a personal guarantee to rent our office, but it was $600/mo and the landlord was extremely laid back and agreed to month-to-month after our lease was up.
I didn't take out any small business loans to start the business, as I started it with my own cash, and then it generated enough revenue to sustain itself.
The buyer may have had more complicated agreements with his lenders to purchase the business, but I wouldn't be exposed to any of that.