Structure of Sellers Note

August 18, 2019
by a searcher from Harvard University in New York, NY, USA
Hey SFers, I've been in discussion with a company for a bit, going through LOI negotiations, and one of the sticking points is the nature of the sellers note. Specifically, the seller wants a personal note to back the sellers note. This is difficult for me as I already have to put up a PG for the SBA loan, and the seller then has no skin in the game. I asked my lawyer and he said it's very common for sellers notes to be backed by a personal note.
Have you guys found this to be the case? What are some ways to negotiate around this?
from Wake Forest University in Winston-Salem, NC, USA
from University of Missouri in St. Louis, MO, USA