Many readers who have been checking in for a while will know about the business my chap and I have been involved in for the last eight months. Well we have been trying to buy it in that time, but somehow the universe wasn't having it with us. The owners had tenants that trashed the house ( not us, the house belonging to the business was being rented ) and so they had to get them out, and then after several badly and inappropriately written contracts from their lawyers, the vendors issued us with a half million dollar ultimatum on Friday, that is sign this contract or the business is going back on the market.
Our lawyer advised us NOT to sign as a) the contract erred on the side of the vendors in that they had changed amounts relating to the cost of the machinery so that they had to pay less GST but we were unnable to claim any depreciation.
b)That even though one of the pieces of machinery had never worked since we had worked there, they would not lower the price even though cost of reparation would be $10,000 ( and the contract stated all items of the plant HAD to be working ), and worst of all, that we had to have the $500 000 in their bank account within 5 working days, otherwise any deposit would be forfeited and the business would go back on the market. Our lawyer also pointed out that clauses kept disappearing and reappearing in the various contracts, without rhyme or reason ! Thank goddess we didn't pay the deposit, as we were just about to that day.
I think they were trying to bluff us for a quick sale, but the bluff was on them as we decided we were beastly careless anyway now. If buying something becomes painful and vicious, then there's a message there.
Well readers they shot themselves in both feet didn't they ? I mean honestly, have you ever heard of a bank getting finance organised with all the paperwork and into someone else's account within 5 days ? Any contract I have ever signed before has given a time span of 30 days, and this is appropriate. We thought too we were paying for a business that actually came intact, not with ten grand of repairs before we even take over....you know what though ? I am so relieved.
In theory this was a little self running business, but may I say in reality this could not be further from the truth. I feel like we can get our lives back now, doing what we wanted to do. Perhaps the phone will stop ringing up to 50 times a day too !
The other thing is that the unit we bought last week has had so little hassle concerning the purchase that this just magnified how ridiculous the other purchase was. We didn't even receive a contract for this business until last Friday, which was when they said " get the money in the next week in our account or else ". It seems so silly, they have lost us as their buyers ( might I add the third lot of buyers who have refused to sign ) and I think they ought to get themselves a new lawyer.
Anyway, we get our lives back, yippee ! I thank the universe for stepping in !
