Question for all who have bought businesses -- how are any risks/liabilities managed? For example, the seller tells you there revenue is x and it turns out that the revenue is actually much lower or they indicate they own the IP and this turns out not to be true. The sample contracts I have seen online have the sellers disclaiming all warranties of any kind. Do you basically do the best diligence you can?
Relatedly, do you structure the payment as one flat payment or is there an "earn-out" where you pay over time based on revenues earned by the business?