I don't think the business I bought is worth what I originally agreed it was worth.

[bbrrtt]

I purchased a business almost a year ago and found it hard to make the monthly payments to the person I bought it from. They did allow me to reduce the payments which I still struggled to pay so they allowed me to further reduce the payments.

I am still finding it hard to make repayments and I have now decided that the price we originally agreed for the business, was too much. Could anyone tell me where I stand and is there any way I could get the original agreed price reduce to suit what I think the business is actually worth.

[Arres]

I don't think it's real. You better think about how to develop your business.

[Flashback32]

Did you look at the accounts of the previous years tradings? How does it compare to your current trade?
You say you have reduced payment, but does it mean you still owe the same debt for buying the business, but you have longer to pay it back?

What does the previous owner have to say about the your profits? What does he/she say how to improve your business?

You have to honour the price you paid. Whether it was due to poor due diligence or business has changed or may be you not capable as the previous owner (sorry it that sounds mean). It may take time to figure things out and improve business.

[keyshawn]

Does it mean you still owe the same debt for buying the business, but you have longer to pay it back? Blender Vs Zbrush

[Milupa]

develop your business correctly! apply new areas and technologies. start learning tableau qualified associate. new knowledge will help you attract new clients and new business partners. I am sure that the art of visualization will help you make your business profitable in a short period of time. you will become one of the best businessman in your country with good knowledge

[theberenger]

When you buy almost anything, and certainly something as significant as a business, you absolutely must do your due diligence.

In this case that means you, or an accountant acting for you, should have poured over the books and paperwork well ahead of any deal being finalised and signed off. I can't believe (maybe I can actually...) that you'd have jumped in with both feet without first establishing the true state of the business, both in terms of its past, current and projected trade. Tell us you didn't do that. Given the upheaval we've all been through these past 18 months or so, and with the accompanying decimation of many businesses, due diligence is even more important now.

In any event, do you expect to buy a car, run around in it for nearly a year, then take it back to the dealer and say "yeah mate, it's an alright car but I've now decided I don't want to pay full sticker value and I'd like £1000 back". They would literally laugh you out the door!

Provided the seller has not acted fraudulently, e.g. by doctoring paperwork, or by telling your porky pies, and provided he has furnished you with any and all documents you asked for without concealing anything (even if you didn't ask to see it!), on what basis would you think you could now, nearly a year later, renegotiate a completed deal?

I hope I don't sound confrontational, I don't mean it like that if I do, I'm just not quite sure you're being serious here.