I am in the processing of selling my insurance agency. I have found a buyer and we are currently working out the kinks to come to a mutual agreement. Anyhow, the sale price will be around $150,000. The buyer is expecting me to finance most of this. We don't have an actual contract yet so I don't know what the exact wording on the promissory note will be. First off, any suggestions? What can I do if he doesn't repay? How do you go about repossesing a business? Also, our insurance companies would move all of our clients in to his name and terminate our agency contract. Does this present an even greater risk for me or would I reposses his entire corporation with contracts intact? Assuming he doesn't drive the business in to the ground and lose all the customers, how difficult is it to take back the business? He is experienced and I do not believe he will destroy the business however I am concerend about his willful refusal to pay me.

Optional Information:
Davie, Florida