webfox007 - 8:44 pm on Mar 11, 2010 (gmt 0)
I have acquired quite a few internet businesses, one being 7 figures and there are all sorts of rabbit holes one can fall into. I will say, DON'T use an escrow service. On one of my smaller 6 figure deals, i used the largest escrow company in the US and even though my escrow instructions were very detailed in terms of when the cash was to be paid out, my escrow officer, had her quarterly bonus coming up and "prematurely" closed escrow (paid the seller) and 10 days later i find out about it.....after i called her and said the seller is in breach and i want my money returned. Well, their attorneys got involved and told me in so many words, "sue us" but, expect to pay a lot since they had an army of attorneys. At the end of the day she got fired but, i got screwed out of a lot of money and got a piece of crap business. So, use the attorneys trust account as the escrow service and a good attorney will administer tight closing instructions. Good Luck! I have a lot more stories on this process but, it would require novels.