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

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

    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.
    Tags: None

  • #2
    I don't think it's real. You better think about how to develop your business.

    Comment


    • #3
      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.


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      • #4
        Does it mean you still owe the same debt for buying the business, but you have longer to pay it back? Blender Vs Zbrush
        Last edited by keyshawn; 13th December 2020, 06:43:AM.

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        • #5
          I am sorry for you. But you got a new experience. I was in this situation too. Offensive, but not fatal

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