Legal Question in Business Law in Minnesota
Sold dealership
My family just sold an automobile dealership. The new owner is keeping my family name for the dealership.We have been in business for 80 years. Do i have any recourse if i am fired?
3 Answers from Attorneys
Re: Sold dealership
I would have to read the sales agreement between buyer and seller. Was it an asset purchase or a stock purchase? Typically there are provisions in the purchase agreement which deal with employees.
Re: Sold dealership
The answer depends on the terms of the sale. if the bvusiness was sold, including rights to the name as part of "goodwill." The new owner could legally use the name. If you were not the owner, you would be considered an employede and would have no job security barring some agreement to that effect.
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Re: Sold dealership
Whyu wasn't that negotiated in the SPA?
Were you an Owner?
If not you may well be an at will employee.
Call or email for representation.
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