Legal Question in Business Law in Connecticut

The first step would be to review the buy-sell agreement and examine which provisions were possibly breached. The next step would be to send a demand letter to the buyers demand payment and/or return of the business or its assets. Finally, if the buyers do not address the matter to your satisfaction, you have the option to sue them.

I'm sure this is a very distressing time for you and as such the sooner you act the faster the matter will be resolved. Since the amount of money in question is quite significant you should retain an attorney to pursue the matter on your behalf.

Feel free to contact my office at your earliest convenience.

Roman R. Fichman, Esq.

www.TheLegalist.com │ @TheLegalist

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Disclaimer: This post has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice or be relied upon. The post may contain errors, inaccuracies and/or omissions. You should always consult an attorney admitted to practice in your jurisdiction for specific advice. This post may be deemed as Attorney Advertising.

As a Franchise Attorney familiar with these transactions, I agree with the other attorney answer. Hopefully you had an attorney draft the sale documents, which should provide for a security interest in collateral beyond just the business and its assets. The documents need to be reviewed in order to evaluate your various rights and options. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

You need a lawyer.