First let me start by saying I'm NOT looking for a freebie here.  If you decide to help me out, send me a bill and I'll send you a check.  I was hoping to find someone who is both a fairly experienced or knowledgeable person as both a lawyer and a bowler.  My mom works with a lady whose husband is a lawyer, but I thought it'd be a better help if I had someone who knew more about bowling.  

I was given a contract by the owner of the shop I'm trying to buy, and have written a counter offer after talking with several different experienced people about it.  Even though it's pretty simple (3 pages, single spaced, medium font), I wanted to have a lawyer look it over to see if there's any loopholes I need to close or anything I should add.  I'll have the owner take a look at it first though, because I'm not sure he's going to accept it.  I HONESTLY believe it's fair, but I think he thinks it's worth more than it actually is.  Contrary to my original belief, I wouldn't be able to start my own shop for a lesser price (it'd cost quite a bit more, realistically), BUT now that I have some figures to work from, I still believe the current worth of the existing business has declined quite a bit.  Anyway, either message me or reply.  Lol, I would take a couple freebie bits of advice or general suggestions though.  I am a bowler after all . .

*Disclaimer*  Just trying to protect myself, this isn't a bash-fest, not trying to air the laundry everywhere.  I think you'd be a little crazy if you were dealing with this kind of money too . .
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Space for rent or suggestions . .

Edited on 6/22/2005 9:57 AM

...but i stayed in a holliday inn last night.

good luck, hamps, hope it goes thru.

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If everyone fried their food, there would be no wars.

I wouldn't present it to the seller until you have it looked at by a lawyer.  If he agrees to what's there, it could spark some turmoil if you go back and try to add/delete stuff from it.  Take him the final draft and work it from there.  Good Luck!

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9~

At the risk of encouraging a continuation of legalese in the phone-book sized contracts, I would suggest local counsel that is familiar with the Business Practices Code in your state, not to mention the Rules of Civ Pro.  Each state sometimes has their own little nuances that may not be apparent even to those of us on the site with a legal background...

Without even seeing the document, I would question whether everything is covered in a three page agreement...even my little settlement that I worked out a few weeks ago came in at six pages when all of the releases for each jurisdiction were factored in.  

I had said I wouldn't be posting, but geeze.  

1.  Find a good local lawyer.  Not your cousin Bob or the guy who did your real estate closing.  Ask some local businessmen and accountants who they use.  Pay the guy or gal.  It'll be worth it.

2.  If you are getting financing, especially a federally financed one (like an SBA loan) make SURE you get a lawyer who understands not only loans, but governmental regulations.  If you don't you WILL need my help later, when the feds come to see you.  And I'll guarantee hiring me or someone like me is MUCH more expensive than getting the right advice now.

3.  In sales of businesses, the keys should be assumption of liabilities and cash price.  Watch out for what liabilities you assume.

Now, I can go back to lurking on occasion.  And don't take legal advice from folks who stay at a Holiday Inn.  You can go directly to jail.
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"Some guys get the world.  Other guys get ex-hookers and a trip to Arizona."

Do you have:
1. A business plan?
2. An appraisal of the current value of the business?
3. A fair and impartial audit of the books for the business as it stands?
4. A CPA or other financial expert?

All these things are important BEFORE you get to the contract stage.

And remember - the author of the contract DOESN'T write the contract in YOUR favor.
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-- The way we see the problem is the problem.

Edited on 6/22/2005 10:23 PM

Business plan - critical - if even to only clarify things in your own mind.

I'm just starting my 4th business - and my hubby's had 3 others. Take it from me - if you don't do a business plan, it'll be a hobby. There's some great stuff online about writing business plans - but a great place to start, and the one that gave me a kick in the butt was "One Page Business Plan" by Horan. It's a great way to get your thinking crystalized - so that you can move forward to writing the REAL business plan. To do that, if you don't want to work "too" hard, I'd recommend Business Plan Pro. It's about $90 at Staples, but WAYYYY cheaper than an attorney or business consultant at $150-$500/hour.

The outplacement company I was sent to as part of my severance package has a business Entrepreneur team, as well as help finding a job. I've been attending the "E-Team" meetings - I've NEVER had more (and better) advice about running a business. Even with everything I've done before, I was a rank amateur compared to the knowledge combined in this group!

Since I've been unemployed, and wanting to start a bowling business, I've written 3 business plans. The first two taught me that I really didn't want to do those things after all. Stay tuned for the announcement about what I AM actually doing - we should be announcing it next week.
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-- The way we see the problem is the problem.