just bought a biz have legal question

Discussion in 'Business Operations' started by Amco Landscaping, Apr 8, 2013.

  1. Amco Landscaping

    Amco Landscaping LawnSite Member
    Posts: 80

    Ok i am in a bad situation i think! I just bought a business from someone i know. 60 lawn accounts 6 plow accounts 2 plow truck with salters '04 f250 '06 f350 a 24' trailer 3 zero turns(one has a note still) 1 walk behind, blowers etc... my problem is i paid him friday the deal was we agreed i was taking titles to trucks and equipment today because i had to register and insure everything. well he tells me today that the note to the zero turn is not transferable and the payoff is $10,000. What do i do? he said well i could give him one of the trucks to pay for the mower. I say if the loan is not transferable he has to keep it. It was agreed upon i was going to take over payments/ I dont have another 10k to take it and to be honest i would rather not have the payment anyway.
    The contract we signed i noticed does have a line that says buyer desires to purchase the business customer list and all business related equipment from seller.

    what do you think?
     
  2. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

    Scratch it off and initial it sometimes you do need a lawyer.
     
  3. Amco Landscaping

    Amco Landscaping LawnSite Member
    Posts: 80

    I know i kick myself in the ass for not having a lawyer. I know better than this! This is not my first rodeo! I thought it was going to go smooth as i know the guy! its been a nightmare
     
  4. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

  5. Amco Landscaping

    Amco Landscaping LawnSite Member
    Posts: 80

    are you saying that i am responsible for the mower that has a note on it
     
  6. Amco Landscaping

    Amco Landscaping LawnSite Member
    Posts: 80

    i didnt get the titles to the trucks yet, he was supposed to give them today
     
  7. Jaybrown

    Jaybrown LawnSite Bronze Member
    Posts: 1,160

    He should keep the mower. He's is unable to give it to you because the note is in his name. It's up to him to figure that out
     
  8. skorum03

    skorum03 LawnSite Senior Member
    Posts: 354

    Yeah. Why doesn't he just keep and sell the mower for what its worth. It must be pretty new if he still owes 10K on it.

    YardBros Outdoors
    www.yardbros.com
     
  9. J&A Lawn Care

    J&A Lawn Care LawnSite Senior Member
    Posts: 437

    if you agreed on a price for EVERYTHING and you paid then I do not see where you should have to pay another penny for anything!
     
  10. jungerla

    jungerla LawnSite Member
    Posts: 38

    yah i feel like he messed up so he should take 10k out of the money you paid him to pay off his mower debt
     

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