Contract To Purchase Accounts

Discussion in 'General Industry Discussions' started by Mowerdad, Jun 26, 2007.

  1. Mowerdad

    Mowerdad LawnSite Member
    Posts: 15

    I've seen lots of threads about what to pay for purchased accounts, but does anyone have a simple contract that they've used? We are in the process of buying approx 45 clients. The negotiations were smooth, the price was very reasonable and now we just want to make it legal! Any examples?
     
  2. fiveoboy01

    fiveoboy01 LawnSite Silver Member
    Posts: 2,988

    You'd be best off to get a lawyer involved to go over everything rather than look for advice here.
     
  3. bullethead

    bullethead LawnSite Senior Member
    from Texas
    Posts: 273

    So how did you come up with your price and how are you paying it (i.e. lump sum or part up front, balance later based on retention)?
     
  4. Mowerdad

    Mowerdad LawnSite Member
    Posts: 15

    We agreed to a price equal to 4 weeks of billing for any account that commits to the change. All acounts were visited by both of us (seller & buyer) and are on board, except for a couple that we don't want for various reasons. I should also point out that the seller is an aquantance and there's no chance of them coming back to reclaim the business.
     
  5. johnnywill08

    johnnywill08 LawnSite Senior Member
    from MA z6
    Posts: 372

    honestly.... dont assume anything regarding him reclaiming or not. get it in writing. business is business and "the four corners of the page" and everything within them are all that counts to a judge. seen it happen with brothers, so heads up.
     
  6. Mowerdad

    Mowerdad LawnSite Member
    Posts: 15

    I agree with you, johnnywill08. This guy is going to make big bucks after graduating from University of Michigan School of Engineering and has no interest in going back to mowing, but I still want to have a contract. That was the reason for the original post. It was also suggested that we check with a lawyer about a contarct but [without sounding like a cheapskate] I was hoping that I wouldn't have to shell out hubdreds of $$$ to reinvent the wheel when it probably already exists
     

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