Hi all, I am in the process of purchasing a beauty business from my current boss. She is asking for 50% of the price now as a deposit and then the rest on the actual day the business will be mine, Nov 1. My husband is weary of giving her any money now without some type of legal contract. My boss isn't using a solicitor as she doesn't want to waste money on it. Does anyone know if I can just type up an agreement of sale, and have us both sign in front of witnesses? Would this be legal of for some reason things fall through? My husband is just worried we have her a check and she changes her mind we have no claim to get back the money .
Buying a beauty business
- Thread starter jsugrue
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Noo always go through the proper channels, if something doesn't feel right to you, it probably isn't.
I'd insist on the proper formal business things or the deal is off.
If she was selling it to anyone else she would have to go through the proper channels, so why not you.
I'd insist on the proper formal business things or the deal is off.
If she was selling it to anyone else she would have to go through the proper channels, so why not you.
Beauty-Serene
Well-Known Member
Just explain the situation and your solicitor will advise you, def don't just hand money over there's a salon in my area where the owner conned 3 lots of people in excess of 15k each in a situation that sounds similar x
They will do as much or as little as you want them too.
Just tell them you're buying a business, they'll ask for the lease and any contacts, iron out any queries, hold the money until signing day, mine also registered my on the land registry too.
They have done millions of these, but get a few quotes!!!
I was quoted £3.600. £1,500 and the last one she did it for £600. A BIG difference.
Are you getting the building surveyed, I didn't as I knew the structure was ok
Confusion is a lifestyle - not a state of mind
kimi1101
Well-Known Member
Well I spent about 25% of the cost of the business on professional fees s d surveys. She is also legally required to pay for certain reports.
Are you buying the lease of the salon from her?
Are you buying "goodwill" (clients) from her?
Will she continue to work in the area?
Are you buying the lease of the salon from her?
Are you buying "goodwill" (clients) from her?
Will she continue to work in the area?
Do not give her money up front. I would treat it as you would do if you were buying a house and more so.
You need to know what you get for your money..
does the financial figures stack up, is the business making a profit.
Will she carry on working else where, normally you would ask her not for a period of time.
Get a solicitor who specialises in business sales. Money spent before could save you a fur tune later
You need to know what you get for your money..
does the financial figures stack up, is the business making a profit.
Will she carry on working else where, normally you would ask her not for a period of time.
Get a solicitor who specialises in business sales. Money spent before could save you a fur tune later
ilovelashes
Well-Known Member
Please do not give her any money just now that's not right. You don't get house sellers asking for half before the date of sale. Sounds dodgy be careful x
This really doesn't sound right to me. You definitely need a solicitor to deal with the purchase of a business. There will be so many things that you may not have thought of that your solicitor will iron out for you. There is also the property details to take into account as well, are you buying the lease hold, does it contain the 'landlord and tenant act' for example. Please please please get a solicitor Hun x
