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(Updated March 4, 2016) No. Earnest money is not necessary to make an otherwise accepted offer into a valid contract. Earnest money is a buyer-performance item required to be deposited after a contract is fully executed. A contract could become effective even if no earnest money is required in the agreement.
The earnest money agreement provides the terms and conditions under which the buyer and seller are willing to transfer the business. The amount of earnest money required with the agreement depends on the price of the transaction. In general, it must be high enough to demonstrate a buyer's serious intentions and to motivate the seller to take the business off the market for at least fifteen to thirty days while due diligence is completed. A typical earnest money amount for small to mid-sized businesses is $5,000 to $10,000. If a business broker is involved, these professionals will coordinate document requests and meetings between the parties' advisors, the business's landlord, lenders, and others.