ontariocanuck
Plastic
- Joined
- Jun 27, 2012
- Location
- Ontario, Canada
I am the beneficiary of a machine shop given to my wife and her sister so let me chime in if I can.
-Get what the owner promised you in writing, notarized by your lawyers. In fact, run to the lawyer !!
-Were there any suggestions that you would buy the business? Rent to own kind of deal?
-Does the shop make money? Have you personally seen the Income Statement and Balance Sheet?
-Do they have any kids, close relatives who may contest their wishes?
-Do they own the building? Has it been promised to anyone?
-Business is about relationships often, are the clients/customers OK with you as the owner?
-Where are you located? State?
That's all I can think of off the top of my head right now.
-Get what the owner promised you in writing, notarized by your lawyers. In fact, run to the lawyer !!
-Were there any suggestions that you would buy the business? Rent to own kind of deal?
-Does the shop make money? Have you personally seen the Income Statement and Balance Sheet?
-Do they have any kids, close relatives who may contest their wishes?
-Do they own the building? Has it been promised to anyone?
-Business is about relationships often, are the clients/customers OK with you as the owner?
-Where are you located? State?
That's all I can think of off the top of my head right now.