1. The Seller engages Synergy Business Brokers LLC (Hereinafter referred to as “Broker”), on a sole and exclusive basis, to sell the above business (all or part), including all assets, fixtures, equipment, goodwill, trademarks, trade names, inventory, and any related business entities that are part of this sale.
2. The Seller agrees to pay the Broker a percentage of the purchase price as follows: 10% of the first $1 million of purchase price; plus 9% of the second million of purchase price; plus 8% of the third million; plus 7% of the fourth million; plus 6% of the fifth million; plus 5% of everything above $5 Million. The purchase price includes earn outs, seller compensation, inventory, seller notes and seller debt assumed by the buyer. The commission will be paid when the business is sold with a minimum commission due of $100,000. Seller agrees that they will not attempt to renegotiate Broker’s fee
3. Broker will be the contact for potential buyer inquiries and Broker shall receive the commission as stated above if the business is sold by the Broker, or seller, or another broker or third party.
4. This Agreement shall begin on the day and the year below and continue until 6 months from the date of this agreement. After this period the agreement will continue unless canceled at any time with 15 days written notice (email is acceptable).
5. The Seller agrees to pay the full commission set forth in this Agreement to the Broker in the event the business is within 2 years after the termination of this Agreement sold to anyone referred to the business by the Broker during the term of this agreement. A commission is also due if anyone referred by Broker becomes a partner, employee, consultant, or merges or forms a joint venture.
6. The Seller acknowledges that he has read this Agreement and has received a copy of it.
7. If the Seller is a partnership, corporation or other entity, the person(s) signing on behalf of the business represent(s) and warrants that they have the authority to enter into this contract on behalf of the business.
8. The seller agrees that the Broker has been retained to sell the assets of the business and goodwill. If the broker procures a buyer and the sale subsequently becomes one of capital stock, for any reason, the seller agrees that the broker is entitled to the total fee stated in the Listing Agreement, as if the sale was an asset sale.
9. If part of the business is sold initially and then part of the business is sold at a later time to a buyer that Broker referred during the listing period, then Broker will be paid a commission percentage at the time of sale based on the full price of the initial part and then another commission based on the price of the other part of the business that is sold, regardless of when the other part of the business is sold.