K
Kim63
Guest
What is the name of your state? Oklahoma
I purchased a laundramat about a month ago, based on the financial statement and schedule C provided by the previous owner. After a couple of weeks, it was obvious the business only runs about half of what the previous owner stated. Unfortunately this amount is not enough to pay expenses and I am quickly going in the hole and am afraid I'm going to lose my house and ruin my credit. I have now been told by previous employees that the previous owner had two laundramats in the same city.. He sold off all the assets of one business and sold the other laundramat to me, and had combined the income of both businesses using the address of the laundramat I purchased. One attorney told me that I was responsible because I didn't do my homework. Another told me this was clearly fraud but wanted $5000 up front to pursue the matter.. Any advice would greatly be appreciated!!
I purchased a laundramat about a month ago, based on the financial statement and schedule C provided by the previous owner. After a couple of weeks, it was obvious the business only runs about half of what the previous owner stated. Unfortunately this amount is not enough to pay expenses and I am quickly going in the hole and am afraid I'm going to lose my house and ruin my credit. I have now been told by previous employees that the previous owner had two laundramats in the same city.. He sold off all the assets of one business and sold the other laundramat to me, and had combined the income of both businesses using the address of the laundramat I purchased. One attorney told me that I was responsible because I didn't do my homework. Another told me this was clearly fraud but wanted $5000 up front to pursue the matter.. Any advice would greatly be appreciated!!