What is the name of your state? California
I'm trying to purchase a fanchise store and was told that we should be able to close the deal as soon as mid June. So I got my loans ready and got a manager lined up since then. They put July 3 in Purchase agreement as not to exceed date just in case it will get delyed. Now we are already in mid July and I'm paying my manager and the interest for the loan with no income for a month. The fanchise is keep telling me to wait and they promised to close on Aug 3. So I asked them to amend the agreement to add penalty if it doesn't get close until Aug 3 but they wouldn't commit to it.
For clarification, the fanchise is buying the store from the current owner then selling it to me. But they haven't close their transaction and of course the fanchise can't sell it to me until they own it. The franchise is keep blamming the current owner for the delay but I'm not dealing with him but the frachise. So I think the frachise should be reponsible for all or part of my loss.
what should I do? I don't want to start a business with bad relation with the fanchise but in other hand, I'm losing money.What is the name of your state?
I'm trying to purchase a fanchise store and was told that we should be able to close the deal as soon as mid June. So I got my loans ready and got a manager lined up since then. They put July 3 in Purchase agreement as not to exceed date just in case it will get delyed. Now we are already in mid July and I'm paying my manager and the interest for the loan with no income for a month. The fanchise is keep telling me to wait and they promised to close on Aug 3. So I asked them to amend the agreement to add penalty if it doesn't get close until Aug 3 but they wouldn't commit to it.
For clarification, the fanchise is buying the store from the current owner then selling it to me. But they haven't close their transaction and of course the fanchise can't sell it to me until they own it. The franchise is keep blamming the current owner for the delay but I'm not dealing with him but the frachise. So I think the frachise should be reponsible for all or part of my loss.
what should I do? I don't want to start a business with bad relation with the fanchise but in other hand, I'm losing money.What is the name of your state?