If I bought a business 7 years ago and have been making monthly payments, can the original owner repossess the business if I pay less per month?
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If I bought a business 7 years ago and have been making monthly payments, can the original owner repossess the business if I pay less per month?
I have paid more than half of the cost of the business back in monthly payments. The business is struggling and I need to lower the payments. There is not a written agreement on how much to pay per month.
Asked on June 27, 2014 under Business Law, New Jersey
Answers:
Shawn Jackson / The Jackson Law Firm, P.C.
Answered 9 years ago | Contributor
Well, depending upon which state you live in, the chances of a simple repossession are unlikely. The first thing you will want to do is to request that this matter be submitted to mediation to see if both of you, along with a mediator, can reach a new agreement on the monthly amounts. There are many law offices throughout the US that offer mediation. The second thing you want to do is to work with a business development attorney to increase the revenue of your business at the same time developing strategies on how to protect your business.
Shawn Jackson California Business Development Attorney
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