R
rvignery
Guest
My father sold his business 3 years ago, for $200,000 plus inventory. The new owners only paid $125,000, and rest was going to be paid later. They still owe $75,000. But, if at anytime, they could sell the store and pay off my father, or they could stop paying the bank and my father would get the store back, but would have to take over the loan. One year later, the new owners needed more money but the bank wasn't going to loan it to them, so my father personally gave them another $10,000. The new owners are now ready to sell or give it back to my father. My question is this, if he gets it back and takes over the loan for $125,000, are they liable to pay back the $10,000 personal loan that he gave them? If they sold the store my dad would get $85,000 from them, but if he takes it back he's getting his original $75,000 less the $10,000. If he wouldn't have loaned them the $10,000 he would be breaking even when and if he got the store back. I know this is long, but it is causing headaches around here. I would apprecitate a response. My email is [email protected] Thank You.