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Business law advice

A young client had purchased the business which he was working in from the owner on a handshake deal with our client to pay off the purchase price over a few years.

Situation

A young client had purchased the business which he was working in from the owner on a handshake deal with our client to pay off the purchase price over a few years. About a month after he took over, the owner came into the shop and demanded the full purchase price straightaway which our client could not provide.

Strategy

The client came to see us. We were able to secure a new lease in our clients name for the premises from which the business operated, and assisted him in securing rights to continued use of his own business name.

Success

We are still negotiating terms of the purchase of the business. In the meantime, our client can trade secure in the knowledge that he has a formal lease in place rather than relying on a handshake.