Legal Question in Business Law in Wisconsin

Any attorney will tell you it all depends on what default rights were reserved in your contract of sale or promissory note. What you want to do may, or may not be, rights your entitled to in the contract. If they're not provided for, your only remedy is to sue for the money owed under the promissory note. When I sold a business, I didn't put any repossession rights in my contract of sale because I didn't want to go back into the business, assume the lease, etc. Instead, I held a security interest in his principal residence, which was worth millions. So every deal is different. Consult with an attorney in your area for specifics.

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

Franchise Attorney