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Selling a business with seller financing?

I've read a share of articles about selling a business using seller financing. I'd like to read some of the stories of members of the community, regarding any transactions you've been a part of, that involved seller financing. Bad and good stories. Failures and successes. Any unexpected bumps, and how they were overcome. Thanks.

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1.5 million dollar loss and jail time.

A family relative sold such and the buyer claimed they paid and the IRS went after the relative.

-> Long story about lawyers, dropped balls and jail time.

No one will do what you are proposing here. Get the money. Do not carry the sale. Plenty of stories out there so I share one.

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Making good money

I started building flash websites when they were the hottest thing on the market. I made good money and we all thought we were doing something cool. Bad idea. Good post.

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Successful seller financing

My brother used seller financing to purchase a traditional small business from a man who was about to retire. It worked out well for both parties as my brother got access to financing whilst the seller got a nice interest rate income for his retirement. However, both of them used lawyers that they trusted. I think that is key, as the devil is in the details of the deal.

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Starting a new thread here

Hey you guys. Starting a new thread here. As a teenager I was working for this guy who designed and engineered his own line of furniture. I really loved creating comfy sofas and beautiful chairs. Now as I am a grown up I’ve made my mind to start a business of my own. My wife Melissa is going to design all the models, she is a college graduate in design and fashion. And I am going to hire a team of guys who are going to help me collect those models. Now the question is - how do I do that? I’ve never been in business before. So apparently I cannot just go in the street and hire anyone.. I need to be some kind of entity, my firm I mean. Is that right? Any advice on a law specialist in starting a company would be greatly appreciated. Should it be an LLC or a corporation? I am thinking, maybe I should keep it in my family ...Or should I look for a partner? What would be best in the long term? I am in NYC. Any recommendations on legal advisers in the area? Any advice?

Post was last edited on March 15, 2018 3:15 AM PDT

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