I have a deal at the LOI stage. We've negotiated a structure of 20% down, 80% seller note. No bank financing. We're finalizing details of the seller note. What are typical / reasonable protections for the seller in a structure like this? A quick Google suggests: - Personal guarantee (don't love that) - Pledge of business assets (seller takes back ownership of the buisness upon default) - Option to convert note to equity - Covenants related to EBITDA and/or working capital I'm fine giving them some protection, but also want to protect my downside. Curious what you all have seen. Thanks!