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I have someone interested in buying 50% of my business. I

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need someone to look over...
I have someone interested in buying 50% of my business. I need someone to look over the Letter of Intent and explain to me what it means and explain the numbers.
Submitted: 1 year ago.Category: Business Law
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8/25/2016
Business Lawyer: Stacy Adkins, Lawyer replied 1 year ago
Stacy Adkins
Stacy Adkins, Lawyer
Category: Business Law
Satisfied Customers: 158
Experience: Law Clerk for 7 years
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Good evening! I would be happy to take a look at it and see if I can assist you.

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Customer reply replied 1 year ago
Ok. Can I send you a copy of it
Business Lawyer: Stacy Adkins, Lawyer replied 1 year ago

Go ahead and attach it through the paperclip icon on here if you can

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Customer reply replied 1 year ago
Ok. Here it is.
Customer reply replied 1 year ago
Here is second half
Customer reply replied 1 year ago
Did u receive it
Business Lawyer: Stacy Adkins, Lawyer replied 1 year ago

Thanks Tonya! I have reviewed your email. What specific questions do you have regarding this proposal? It appears they will offer you a lump sum up front if you sign the contract, then pay you in the installments as outlined over the next 1.5 years. They are pointing out that you will save on your overhead costs significantly if you choose to partner with them. They are proposing to only charge you $1,941 per month for overhead costs, when apparently you were paying around $3,882 per month -- so that is a substantial savings.

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Business Lawyer: Stacy Adkins, Lawyer replied 1 year ago

You are required to remain as a full time groomer for 2 years. Any outstanding debts or loans of your business will remain your personal obligation. They will not assume any of your business debts.

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Business Lawyer: Stacy Adkins, Lawyer replied 1 year ago

One question I would ask them to clarify is when they say increased grooming revenue from current clients will be passed on to K-9 Cuts. I would be curious to know if this included sharing all revenue 50/50 or only the revenue above and beyond what they typically bring in per month due to you being in their location.

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Customer reply replied 1 year ago
They also want me to move my shop to there shop. And close my shop down. But I would have to pay rent for 90 days that's a total of 4,800 to landlord and I still owe 15,000 to my business loan. And I have 15,000 in debt from business. Do you still think it would be a good deal on my behalf.
Customer reply replied 1 year ago
that's a good question too. So I would still get %100 of my sales or only 50%
Business Lawyer: Stacy Adkins, Lawyer replied 1 year ago

Unfortunately, I'm unable to say whether that is a good deal or not. We can't really give that kind of advice. You would need to reflect on your overall net profits for a year to decide if that is a good fit for your business. They're clearly saying they won't be on the hook for your business loan or other debts, and I highly doubt they'd cover the rent due. You could try to renegotiate at least that part with them.

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Business Lawyer: Stacy Adkins, Lawyer replied 1 year ago

I'd say they're looking to do 50/50 sales based on how this is worded. Again, these are all good questions you need to clarify with them before you sign anything.

If this information has been helpful, please take a moment to rate my service. I'm happy to assist with followup questions as well.

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Customer reply replied 1 year ago
They know I would still owe landlord 3 months and 15,000 to my business loan.
Business Lawyer: Stacy Adkins, Lawyer replied 1 year ago

They are clearly excluding that then. If this wasn't posed as an all or nothing deal, I'd certainly attempt to garner some additional favorable terms. Perhaps the $5,000 lump sum was meant to cover your outstanding rent. That could have been their intention.

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Customer reply replied 1 year ago
To get out of shop. Wouldn't it be wiser for them to keep my shop open and get 50% of sales. My customers are used to coming to my shop I feel we would lose customers that way
Business Lawyer: Stacy Adkins, Lawyer replied 1 year ago

They clearly believe you would be an asset to have as a groomer. Keeping your shop open cuts into overhead and administrative costs. It appears they're looking to combine efforts while doubling potential customers. I'm not sure how far away your shops are from one another. And I don't know your financial situation to know whether saving that extra per month would make a substantial difference to you as far as your income goes. You really need to sit down and crunch some numbers and see which option leaves you in the best position financially -- personally and for your business.

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Customer reply replied 1 year ago
Ok. One last thing. Would you recommend me showing this too my accountant. Or do you think it's not in his expertise to help.
Customer reply replied 1 year ago
Or do u think he can help
Business Lawyer: Stacy Adkins, Lawyer replied 1 year ago

I would absolutely sit down with my accountant to crunch the numbers. He is in a much better position to advise you on if this is the best choice for your business. He would be my next call.

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Customer reply replied 1 year ago
Ok. Thank you.
Business Lawyer: Stacy Adkins, Lawyer replied 1 year ago

You're very welcome. Please rate my service so I get credit for my assistance. And I wish you luck in figuring out whether this is a good fit for your business!

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Business Lawyer: Stacy Adkins, Lawyer replied 1 year ago

Were you able to meet with your accountant? I just wanted to follow up and see if you got the information you needed. If so, please take a moment to rate me so I can close the question. Thank you!

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