Author Topic: 11th Hour (Read 3660 times)

kaz · « **on:** October 12, 2006, 04:57:39 PM »

In the final hours of closing on the deal re the sale of my business, the buyer is trying to stitch me up by attempting to get almost £100,000 knocked off the agreed price (dunno what that is in $) :'(. I formally resigned from my MD post a couple of weeks ago, which the buyer requested and at the same time, he came and introduced himself to the entire staff. Legally over here we have to inform staff of intentions. This latest development had me feeling well and truly shafted... and over a barrel, but the management team have been brilliantly supportive and told me to stick firm and not give in. They think the buyer is relying on me seeing and almost touching the light at the end of the tunnel... so thinks I'll cave in to new demands.

Totally depressed!!!

Sean · « **Reply #1 on:** October 12, 2006, 05:12:19 PM »

Don't give in Kaz, you don't deserve to be shafted like that. If the new buyer really wants the business, they will pay the full amount.

PS, 100.000 pounds could buy my condo here in Vancouver outright. That's $186.00 US dollars or $210.858 Canadian. Certainly a LOT of money that you deserve. You put your blood sweat and tears into that business and you are passing it on with all your contacts and staff that made the business the success it is. For anyone to ask for a rebate after making the initial offer, well I know where I'd tell them to go.

I say, stick to your guns and don't back down from the original deal.

Cheers,
Sean

karen J · « **Reply #2 on:** October 12, 2006, 05:18:33 PM »

Sean is so right.

Put on your best poker face and tell the buyer "I'm having second thoughts. This business has been so fantastic, I feel that I may not be ready to sell it".

Esther · « **Reply #3 on:** October 12, 2006, 05:44:09 PM »

Sure they see you're a woman and think you're an easy mark. Shame on them for giving you so much stress. I will pray for your deal to go through and be in your favor. Good luck Kaz.

Joyce · « **Reply #4 on:** October 12, 2006, 05:49:05 PM »

DON'T CAVE!
Do what Karen said!

LeeAnne151 · « **Reply #5 on:** October 12, 2006, 06:09:28 PM »

Don't give in!

Jerry · « **Reply #6 on:** October 12, 2006, 06:11:02 PM »

I have had buyers make new demands in escrow. One would think it couldn't be done, but it is all too often.
I caved once and was glad I did. The other times I told their agent Adios Muchacho!
They paid the full amount.
The buyer feels you are so commited you will cave. Show them how wrong they are.
The moral is, deal from a position of strength

Kittyzee · « **Reply #7 on:** October 12, 2006, 06:48:27 PM »

You said it best Kaz, this is the 11th hour! You haven't done all this hard work developing a business and building on it; laying the foundation for a sale and then to buckle to the buyer at the very end.

Let's see how commited HE is, the original deal still stands. Take it or leave it

EagleEye · « **Reply #8 on:** October 12, 2006, 07:01:43 PM »

Stick to your guns.

Good luck Kaz,

Steve

CT · « **Reply #9 on:** October 12, 2006, 08:13:56 PM »

Hang in there Kaz!

Teresa · « **Reply #10 on:** October 13, 2006, 05:19:31 AM »

I almost posted a thread yesterday asking how that was going . . . . glad you posted the update. I agree that's too much money to just give someone who has done absolutely NOTHING to earn it! That's almost 200 thousand dollars . . . . more than most people make in a year - a mighty big gift for you to give anyone!!! Stick to your guns and make him pay what he promised.

kaz · « **Reply #11 on:** October 13, 2006, 08:03:42 AM »

Many thanks for your supportive comments. I have just spoken to my solicitor again (for the zillionth time... he'll be getting rich on these new developments

)... I won't know any more until Tuesday next week as the buyer's solicitor is in court. I feel like I'm sitting in a horrible spot and just want to move on... Lanzarote beckons!!!

Jerry · « **Reply #12 on:** October 13, 2006, 08:36:12 AM »

Okay Kaz I give up, what is Lanzarote? I did try the dictionary, but no luck.
I suspect I'M not alone.

By the way, attorney's love this stuff, to them it is a mere fee exercise.

Viv · « **Reply #13 on:** October 13, 2006, 04:35:58 PM »

Jerry Lanzarote is an island off the coast of Africa. A popular holiday destination.

Kaz, he's a businessman, that's what they do, try to screw people like you. Stick to your guns girl!!!

maryvonne · « **Reply #14 on:** October 13, 2006, 05:49:04 PM »

Sorry to hear about this turn of evets Kaz. I hope you can resolve this soon and get on with your well deserved retirement.

Maryvonne

Mikey · « **Reply #15 on:** October 14, 2006, 09:32:01 AM »

I can understand your disappointment and resulting depression, all of which likely was the intention of the buyers. This sometimes is also the tactic used in real estate purchases.

Only you and your advisers know what the business is worth. You built it from the ground up and established its reputation. I'm obviously not in your shoes, but as an onlooker I'd be angry to the point of increasing the price in order to cover costs of the litigation and other delays and thus tossing the depression and disappointment right back at them to see how it tastes.

kaz · « **Reply #16 on:** October 15, 2006, 03:27:02 AM »

It just feels like its dragging on now

. I want to be free!!! I've verbally agreed to support the company with a few projects after I'm gone... this latest thing has made me feel reluctant to support the buyer post sale. But, I'm a person of my word, so would find it difficult to back down on my end of the bargain... it's all about sleeping well with my concience rather than revenge.

The 100K is all about fixed assets which should be included in the final balance sheet... I am reeling more over the recent (expensive), installation of new computers, server and networking which the buyer benefits from, but doesn't pay for.

Anyway... I'll have to see what next week brings.

Teresa · « **Reply #17 on:** October 15, 2006, 10:58:47 AM »

Well, we're all pulling for you Kaz!! Sure hope it goes as well as it can for you. Let us know what the news is, good or bad.

Esther · « **Reply #18 on:** October 15, 2006, 02:35:50 PM »

Oh Kaz. I'm so sorry. It's too bad that everyone doesn't have character like you.

andrew davis · « **Reply #19 on:** October 15, 2006, 04:45:24 PM »

Nasty tactic, reneging on the terms of the sale at the last minute. There are a lot of bait and switch crooks out there, calling themselves 'business' folk.

If they pull a stunt like that at the last minute on you, your employees can only dread what they are going to be in for when the business does change hands.

Put the business back on the market... Brace yourself for worse from folk who are into making false and misleading statements.

Regards, andy
http://www.members.aol.com/abdavisnc/swglist.html

Viv · « **Reply #20 on:** October 19, 2006, 02:21:31 AM »

Keep your pride Kaz, but don't let it cost you. He dont deserve it, and certainly wont appreciate it!

He's probably nibbling away at what he assumes are your soft spots.

kaz · « **Reply #21 on:** October 19, 2006, 05:13:35 PM »

Just a very quick up-date... I stood my ground and the deal is off!!! My management team were also getting a little concerned about the guy's integrity. Anyway... the team have insisted that I take 6 months off to do 'things'

EagleEye · « **Reply #22 on:** October 19, 2006, 05:51:55 PM »

Sounds like you made a very good decision.
Some time off is in order.

Enjoy it,

Steve

Kristin F. · « **Reply #23 on:** October 19, 2006, 06:30:55 PM »

Well! What do you know

..so the bastard was showing his true colours already, since your management crew was already questioning his integrity..

Kaz, I hope that you have finally "landed" in this dreadful dilemma. So great that you can take 6 months off

Please, take care

Jerry · « **Reply #24 on:** October 19, 2006, 06:34:51 PM »

Although you were dissapointed, things do have a way of working out for the best.
I say this from great experience. ( The tales i could tell!)
If the deal had gone ahead , who knows what nonsense you might be subjected too?
Take a deep breath and enjoy your life!

Viv · « **Reply #25 on:** October 19, 2006, 08:13:40 PM »

I can't even begin to imagine the stress you are going through...

MikeW · « **Reply #26 on:** October 19, 2006, 08:45:08 PM »

Sorry to hear this Kaz. Everything happens for a reason though - you'll be laughing about this in a few years.

Stiff upper lip and all that - you'll get through this too.

Cheers,

Mike

karen J · « **Reply #27 on:** October 19, 2006, 08:50:27 PM »

I agree so much with Jerry- don't stress! Enjoy your life- after all, it was YOU who built it. A better buyer will come along.