Legal Question in Business Law in North Carolina

This may be a normal scenario with most of the small business owners. I bought a restaurant and, the owners told me that the business was making (sales revenue) $30,000 a month. After I took over the business I didn't see that amount in the last 10 months. I investigated their previous sales revenues and found that their sales were declining for the last six months before I bought it. It was so bad. I owe the owners some more money. The last date to pay is October 30th. I told them that they can take the restaurant back and give me a decent amount which I have put together. They are not interested to take it back. Interestingly the restaurant�s equipments belong to the land lord and not to the previous owners. In the last 10 months I have been running didn't get a single penny as profit. How I can get out of this mess.

Thank you all for your advices and suggestions


Asked on 10/05/13, 6:44 am

1 Answer from Attorneys
Kenneth Love Ken Love Law

You need to consult with a business attorney in your area to see what the agreements state and what your options are. NEVER purchase a business without actually seeing the books. It appears here you took their word for it...remember unless health is a factor or some other unforeseeable circumstance has occurred, people don't sell profitable businesses.

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Answered on 10/05/13, 3:13 pm


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