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Thread: Offered a business, But what a mess.

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    Default Offered a business, But what a mess.

    My boss is in breach of 4-5 aspects of his lease to own contract since February 1 of this year. Today during a meeting with the owner/seller i was informed he wanted a coworker and i to take over the business. The problem is my boss technically owns the work trucks an equipment, while the original owner/seller who wants me to lease to own,as he owns the customer database. He (owner) says we may have to start new, since he doubts the current boss, ex-boss of mine will not give or sell us the vans because he's an asshole which i agree. What can i do ???? What steps can i take to get this company. Current boss is sole proprietor so all money from the company is in his person account.

    Any help will do. Im confused as to all this.
    Last edited by Inkrypted2u; 05-06-2017 at 07:34 AM.

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    Quote Originally Posted by Inkrypted2u View Post
    Im confused as to all this.
    So are we.

    Let me see if I have this right? There are three parties involved here, (1) "Boss," (2) "Owner," and (3) "You" (to include your co-worker / potential partner).

    Boss has a "lease-to-own" contract with Owner -- but is not clear to us what this contract covers: what asset(s), exactly, is Boss leasing? Boss apparently owns outright the trucks and equipment; Owner owns the customer database (anything else?)

    Owner is not happy with Boss for apparently not living up to the terms of the contract, and wants to terminate the contract with Boss, entering into a new contract with You.

    We don't know what if any language there might be in the contract regarding termination. That's something that has to be worked out between Owner and Boss.

    If Boss does own the trucks and equipment, and refuses to sell them to You or to Owner, then You and/or Owner will just have to go out and buy your own trucks and equipment elsewhere. Is Owner able and willing to help finance this?

    Steps you could take:

    Try to get ahold of a copy of the contract between Boss and Owner to understand the termination clause (also note that your own contract with Owner would likely be similar)

    Clarify who owns which assets, and determine what assets would be needed to carry on the business without those assets that belong to Boss.

    Find financing to acquire the missing assets; maybe enlist Owner's help in this.

    In short, buy your own vans.

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