Jeff gave descriptions of some of the cases he has worked on recently. One involved a sale of a electric contractor’s business to another business in Virginia. The owner had taken out a $600,000 loan in his own name and hadn’t put in on the business financial records. When he was told that he would have pay the loan back out of the proceeds of the sale, he wanted to raise the price of the sale but the buyer refused and also dropped the deal.
Other cases underlined the importance of really knowing the person whom you go into a business partnership with. Jeff had a case of one partner embezzling $150,000 and other case of a partner having an affair with the other partner’s daughter.
Give Jeff a call before you go into business or after when you have legal trouble.