Two years ago I signed a deal to buy out my competitor. the terms of the deal were essentially;
I would close my store and encourage my customers to go to the other store.
I would help with day to day operations if need be..
the purchase price was to be the remaining balance on the business loan at the end of two years.
that the prior owner would be paid to manage effectively and insure growth.
at the end of the two years I would obtain financing.
The deal went sour almost immediately, they would lock me out while they closed the store to go to the bank. They jacked up the prices and alienated customers. they refused to stock enough product, they refused to do maintenance or repairs.
Last year there was a verbal agreement that if I started putting money in to fix things that I would be given more control. after I spent almost 20 grand they reneged.
to top it all off they did not keep proper accounts/books and the tax return they provided me with was at the very least suspicious. In addition they did not keep up on the taxes, they are in default on the payments and had debts that they did not disclose prior to the contract.
No bank in the world will finance this mess. so I asked them to negotiate a new deal to avoid going to court. Their plan was that I should give them $25,000 more and then they would let me run it in their name, This did not seem a good plan to me and I refused because if they didn't keep their word I would be out another $25k.
I closed down my store, bringing its value from 250k for an operating business down to about 140k for real estate and licenses. I brought them inventory and equipment totaling $10,000, I bought new (used) equipment with a value of $15000 I spent hundreds of hours cleaning re[airing and building custom fixtures.
My estimate is close to $140,000 for my total losses.
My position is that given my investment they had a fiduciary duty to manage well and to pay the loan and taxes. they deny all responsibility.
I also argue that my help "as needed" was in fact needed and that refusing my help while bleeding financially, losing customers and failing to get orders in on time was a breach of contract. Their answer is to simply state that they did not need help.
Further i claim that Any reasonable person would know and would be expecting that a store maintain its hours and inventory to remove mold infestations keep the grass mowed, pull the weeds growing up the sides of the building, to have the snow plowed to make needed repairs ect. their position is that the contract did not specifically require them to do so.
I am out of work due to an injury and with my business closed I have no income and I have to precede Pro Se. so any help would be apreciated,
I would close my store and encourage my customers to go to the other store.
I would help with day to day operations if need be..
the purchase price was to be the remaining balance on the business loan at the end of two years.
that the prior owner would be paid to manage effectively and insure growth.
at the end of the two years I would obtain financing.
The deal went sour almost immediately, they would lock me out while they closed the store to go to the bank. They jacked up the prices and alienated customers. they refused to stock enough product, they refused to do maintenance or repairs.
Last year there was a verbal agreement that if I started putting money in to fix things that I would be given more control. after I spent almost 20 grand they reneged.
to top it all off they did not keep proper accounts/books and the tax return they provided me with was at the very least suspicious. In addition they did not keep up on the taxes, they are in default on the payments and had debts that they did not disclose prior to the contract.
No bank in the world will finance this mess. so I asked them to negotiate a new deal to avoid going to court. Their plan was that I should give them $25,000 more and then they would let me run it in their name, This did not seem a good plan to me and I refused because if they didn't keep their word I would be out another $25k.
I closed down my store, bringing its value from 250k for an operating business down to about 140k for real estate and licenses. I brought them inventory and equipment totaling $10,000, I bought new (used) equipment with a value of $15000 I spent hundreds of hours cleaning re[airing and building custom fixtures.
My estimate is close to $140,000 for my total losses.
My position is that given my investment they had a fiduciary duty to manage well and to pay the loan and taxes. they deny all responsibility.
I also argue that my help "as needed" was in fact needed and that refusing my help while bleeding financially, losing customers and failing to get orders in on time was a breach of contract. Their answer is to simply state that they did not need help.
Further i claim that Any reasonable person would know and would be expecting that a store maintain its hours and inventory to remove mold infestations keep the grass mowed, pull the weeds growing up the sides of the building, to have the snow plowed to make needed repairs ect. their position is that the contract did not specifically require them to do so.
I am out of work due to an injury and with my business closed I have no income and I have to precede Pro Se. so any help would be apreciated,
