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On December 1, 2011 I discussed selling my business, a person…

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On December 1, 2011 I...
On December 1, 2011 I discussed selling my business, a person of interest agreed and paid 1/3 of asking price down. During the past two months plus this person did not pay past due phone bill resulting in shut-off therefore causing business a great loss as this being major season everyone thinks we are closed. also, hired three employees and unable to meet payroll past two weeks (not even paying minimum wage), turned down last stock order as no $'s in business account and refuses to invest personal $'s, says it has to pay for itself..........has not paid me anymore money and has not even been here in two weeks and only called one time in those two weeks. We have nothing in writing, only unkept promises on his part. Can I contact said person and null and void any verbal/oral conversations we have had and take back over and try to salvage my business of 11 years ? Yes, any cash monies the business has taken in over and above costs of operating he has kept.
Submitted: 6 years ago.Category: Business Law
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Answered in 31 minutes by:
2/20/2012
Business Lawyer: JBaxLaw, Attorney replied 6 years ago
JBaxLaw
JBaxLaw, Attorney
Category: Business Law
Satisfied Customers: 11,396
Experience: Experienced in business formation and licensing issues
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Hello,

 

I am an expert at JustAnswer and will be assisting you. I would like to address a few important issues before answering your question.

Please note, nothing herein is intended as legal advice, no legal advice is being provided, no attorney-client relationship will be established and only general information is provided so that you may analyze your situation.

ANSWER:
You are asking about a verbal contract to purchase a business which has been breached. Some contracts must be in writing to be enforceable. If a contract involves the sale of real estate, it must be in writing. There is the possibility that the contract is not enforceable by the other party depending on the details of the agreement. Even if there is no requirement for a written agreement, once a party breaches a contract they are unable to enforce the contract. In fact, the non-breaching party may file suit and seek damages. You may be able to reacquire the business if there has not yet been an actual transfer of the entity. For example, if there is a business entity or license involved and that has not been transfered to the new owner then they may not legally own the entity.

 

Yes, it may be possible to reacquire the business. You may want to start with a demand letter to the buyer. Include your expectations and a deadline for a response. If no response is made, then you may consider obtaining legal representation to pursue the matter in court. Legal action may allow you to obtain damages and reacquire the business.

Please feel free to follow-up. These detailed matters are difficult to address in this context because of the vast number of variables. Sometimes the back and forth dialogue can help us sort through those issues. My goal is leave to you with a satisfactory answer.

Please do not forget to accept the answer if the information provided has been satisfactory to this point. Placing a deposit only ensures that the site is paid. I receive no credit if you do not press the accept button. If you have a subscription, there is no additional cost to accept the answer. We can continue our dialogue with additional follow-up questions even after you press the accept button. Last and most importantly, please be so kind as to leave me positive
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Customer reply replied 6 years ago
OK, just a few more details to be sure.....My business, J&S Cowart Bait, Tackle Etc. built from scratch 2002, worked it alone since. December 2011, interested party wanting to buy, gave 2000$'s (1/3 total asking price). Business included inventory and established name.........rental of anothers building plus electric not included. Party did not pay bills...phone disconnected........my customers come from all over U.S. with pre-orders, now unable to do as no phone, therefore loosing business during peak fishing period.....stock very low due to no orders as he refuses to put up $'s.....2 employees plus self not paid due to no $'s........No written contract, No more money transfer, No communication with intended buyer for 2 weeks and No license transfer only application for change of name and LLC......but NOTHING in writing..I am still working it and want this person gone......yes or no, do I have the authority to do so???
Business Lawyer: JBaxLaw, Attorney replied 6 years ago

I am limited to providing you legal information. I cannot provide an opinion or advice, but where a contract exists which was breached a civil suit is the remedy. This is true for verbal agreements as well.

 

Please let me know if you need anything else.

 

Thank you

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