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Best way to go about buying an established round?

Cottonlung

Active member
Messages
176
Location
Manchester
Hi there. Ive been given the oppertunity to buy another guys round (ex father in law) however.. he is happy to take a down payment and then monthly payments of X amount...my issue is this.. ive been working the round with him for the past 5 months and he wants to finish the 2nd week in june , but wants his first lump sum 18th may next week as he says he needs it and then continue to work till mid june,,, somehow i feel like im being screwed as he is going to get what he wants for the business in the long run but also get an extra 4 weeks worth of money..

any suggestions? im thinking of saying you can work but knock it off the amount outstanding but really he shouldnt get a penny till he stops working as once he gets the first payment it isnt his business anymore if we agreed installments.. anyway rant over

cheers J

 
Ex father in law- can you trust him as sad as it seems.

I'd get it all in writing and get it all signed up etc and a proper talk before you even exchange money. If he starts saying he won't sign anything or you feel hard done by you know where you stand and don't go through with it. How much does he want up front


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Thanks for the replies! I've had a chat with him and it's all sorted! .. I've stated that in the agreement that he won't attempt to work/canvas or get anybody else to work the round he is selling for a minimum of 10 years ( that'll take him upto 75 :) )  .. obviously your gonna get others trying their luck but no one associated with him... also gonna get the agreement witnessed and signed by a third party.. much to his annoyance it's either that or no deal .

 
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