Sale of business contract breached by new owner

CASE: Sale of business contract breached by new owner

CLIENT: Local businessman contemplating retirement

PROBLEM: After sale of client’s business the new owner disavowed the purchase contract citing failure of proper accounting of assets by the seller. Deposition testimony insured the proper value of the business was used by buyer was claiming the deficiencies in the asset accounting to be deducted from the purchase price. Buyer thought seller owed him money rather than he having a current debt for the purchase price.

SOLUTION: Negotiations took place and trial was avoided with settlement based upon compromise between the parties, the buyer still owing for the business purchase.

AWARD: Settlement agreed that buyer would pay client, seller, $115,000.00.