Patrick
Full time employment: Posting here.
Do you have a severability clause in the agreement?
help, legal dispute
- Thread starter kramer
- Start date
Kramer, don't let us make you overthink this. I believe that you are on the right track from what you have said in your previous posts. Remember, there is no compensible breach of contract until he actually needs to consult with your father, is unable to AND damages result directly from that breach.
Settle up before tax season and if you get a lump sum, make it due in January.
I think agreeing to take $10,000 in a lump sum is more than fair on your part.
Good luck to you and your mother.
Settle up before tax season and if you get a lump sum, make it due in January.
I think agreeing to take $10,000 in a lump sum is more than fair on your part.
Good luck to you and your mother.
Well, I talked with the buyer at length this morning, and he is going to continue to pay. Basically, he just wanted to whine a little and let us know about his concerns.
His main concern was not even related to my father's death. He said that it seemed like 15% of the clients were not local and that they might be harder to retain. And then, of course, he does not have my dad to fall back on for intros now.
Basically, I just tried to address his concerns and kept it positive: That we are helping him behind the scenes with recommendations (which is true), That any damages are strictly speculative at this point, That there is always some attrition and this is priced into the purchase price.
But I think that main points he responded to were that because of my dad's poor health most clients were expecting a transition (it was a question many clients brought up with my dad the past two years) AND that he can use existing monthly/quarterly clients as references (it was like he had never thought of that).
Thanks again for all the input here. And I still may need it later if the payments stop. He is going to pay two payments next week (which is 20% of the remaining money due). I get the sense he has a cash flow issue. I think he had to cash in an IRA to buy the business in the first place (60K down) and he recently bought a 5000 square foot house. And he was even partner in a successful firm before this, etc., but still had trouble raising the 60K for my dad's business. So I could see that living on the edge has greatly increased his worry level. His cash flow should increase greatly during tax season.
Kramer
His main concern was not even related to my father's death. He said that it seemed like 15% of the clients were not local and that they might be harder to retain. And then, of course, he does not have my dad to fall back on for intros now.
Basically, I just tried to address his concerns and kept it positive: That we are helping him behind the scenes with recommendations (which is true), That any damages are strictly speculative at this point, That there is always some attrition and this is priced into the purchase price.
But I think that main points he responded to were that because of my dad's poor health most clients were expecting a transition (it was a question many clients brought up with my dad the past two years) AND that he can use existing monthly/quarterly clients as references (it was like he had never thought of that).
Thanks again for all the input here. And I still may need it later if the payments stop. He is going to pay two payments next week (which is 20% of the remaining money due). I get the sense he has a cash flow issue. I think he had to cash in an IRA to buy the business in the first place (60K down) and he recently bought a 5000 square foot house. And he was even partner in a successful firm before this, etc., but still had trouble raising the 60K for my dad's business. So I could see that living on the edge has greatly increased his worry level. His cash flow should increase greatly during tax season.
Kramer
