I purchased a business aprox 6 months ago and it was not a good decision. There is no way to boost sales and the equipment is old and falling apart. This was purchased as per my father's encouragement and he signed as a guarantor. Now I want to sell and get out of this mess. I financed through the previous owner and I don't want any problems. What is the best way to go about everything and if there is a problem, how do I protect things like my home??

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Originally Posted by jpncats

I purchased a business aprox 6 months ago and it was not a good decision. There is no way to boost sales and the equipment is old and falling apart. This was purchased as per my father's encouragement and he signed as a guarantor. Now I want to sell and get out of this mess. I financed through the previous owner and I don't want any problems. What is the best way to go about everything and if there is a problem, how do I protect things like my home????

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Ok, first what do you mean protect your home?

But you put a for sale sign in the window, call a real estate company and list it.

The time to worry about incorporation and or limited liablity is when you start the business not when you are going out of business.

Also your father is at risk, since if you don't pay, they come after him also to make him pay. They will look for who has the most money in the bank first, if you don't pay.

Really first you call the person you bought it from ( who is most likely laughing all they way to the bank) he does not want it back, so he may be willing to let you sell it out and he would let the loan be transferred to a new owner. ( this should be detailed if he would in the loan papers, as to the loan being transferable or not)

So if it is, you find a new buyer, get as much down as you can, let them take over the loan and you walk away and only loose the money you have put into it so far,

Now you need to put some money into it, to sell it, clean it up, do some advertising to make it as great as can be,