In a muddle

[Jayne]

Hi,

As you know our bakery sale is complete on Friday, but this afternoon a chap came into our shop and offered us 5k over the asking price and offered to pay all the legal fees if we'd pull out of the sale and sell to him.

This chap has known about the bakery sale for nearly 3 years, so why now?

It's a good offer, but i'm worried if we pull out, he would go back on his word and we'd be back to square one. Plus the people who are buying it are a young family who have pinned all their dreams on our bakery.

Tough one? Moral or Money!

Any thoughts would be great Thanks.

Jayne :D

[Mac Yeti]

Personally, I think you should go with the morals.

a) you cant trust the chap if he's known for 3 years and not done anything previously - he's messing you about already.

b) you'll have the satisfaction of knowing you've given it to a nice family who will have a very happy life from it.

[Shelley]

What guarantee would you have from this guy, that its 100% though.

Now if this haapened to me its where my dad would tell me off for havin no business sense as i would go for morales. Where as if you are business or money minded you wouldnt care about the other party, and go with the random guy. But its cutting it a bit fine if you complete friday.

I guess you are the only ones who can make the choice. Sorry cant be more help. Its a tough one though. But good luck with it all and let us know what you do. Its sounds like the sale of yor bakery has been a real adventure for you.

[Rob Holmes]

Jayne don't do it. Stick with your stable buyer that isn't a chancer.

You just never know - plus if you've exchanged it's too late anyway.

Rob

[Alpha]

Jane

Don't even bother thinking about it.

You(presumably) do not know whether this man has the funds or access to them, it would inevitably be delayed yet again and there is always a possibility that he could back out.

As you pointed out he has had ample opportunity to make offers for it.

Tell him that in the (unlikely) event that the current buyer backs out you will give him first refusal.

Don't chase pots of gold at the end of the rainbow!! :D

[Mac Yeti]

Now if this haapened to me its where my dad would tell me off for havin no business sense as i would go for morales. Where as if you are business or money minded you wouldnt care about the other party, and go with the random guy.
.

I disagree, being a successful business person doesn't mean you can't be a good person and do what's right :)

[Hedgehog Toys]

:P I agree. Go with the morals Jayne. This sort of thing goes on in the housing market and it's not nice if someone pulls out of a sale at last minute just because they can get a couple of grand more. :roll:

[creacom]

I would find out if the guy is really serious or not. Get him to give his offer to your solicitor and give him a deadline. If he is serious he will move heaven and earth to meet it ! Or if he is just a timewaster you will soon know.

Jacqui

[Jayne]

It's not just a couple of grand! If he ment what he said about the asking price then it could mean a total of 25k! We I cannot see him meaning that much. I don't think I trust him.

But just say I do trust him, then it is 25k extra! Oh why is everything such a pain in the bum!

We have exchange contracts but we don't complete until Friday!

I'm nipping to the solicitors later, or I may crack up!

Selling businesses is like busses :lol:

Jayne

[amcphillips]

Is it 5k or 25k extra? In your first post it said 5k.

I'd still stick with the buyer you have lined up either way. He's probably hoping that you'll cancel you current deal then he'll only stick an offer in for asking price and you'll end up accepting it.

[Jayne]

Is it 5k or 25k extra? In your first post it said 5k.

I'd still stick with the buyer you have lined up either way. He's probably hoping that you'll cancel you current deal then he'll only stick an offer in for asking price and you'll end up accepting it.

He has offered 5k over the asking price. He doesn't know what we are selling it for you see and his offer works out at 25K in total more than what the other people are paying us.

Jayne

[WakingDragon]

Hi jayne,

Check out what you can do with your solicitor. It is no immoral to go for the best asking price - you are simply aiming for the best deal within the law.

If the guy is definite then you could ask him to pay a deposit of 25K before you pull out. On receipt of the deposit you act - otherwise stick to what you have. But you should get him to move quickly and agree the final price so you can measure the risk. Unless it is more than a few grand better it sounds like the risk will be too great.

Seek qualified advice, get an agreement, get some money, act quickly. ;)

[Jayne]

Thanks, I'm off to my solicitors later, when Mark gets home.

Jayne

[bwglaw]

Jayne

You have exchanged contracts and completion is on Friday. I would suggest you stick with this buyer. The other person who has been hanging around is probably coming to terms that he has missed a good opportunity to buy. 3 years later does indicate he is a time waster.

As you have exchanged contracts, it is probably too late to back out now anyway if you are now just waiting for the funds to arrive.

Jonathan

[dagr]

There is of course a third solution: Sell it to both of them.

(Alas, this would mean moving to South America, seeing a plastic surgeon, etc.).

Chin up.

[Jayne]

Thanks Jonathan,

I just wanted a chat about it with you lot, to make me feel better.

Jayne

[WakingDragon]

Jayne

You have exchanged contracts and completion is on Friday. I would suggest you stick with this buyer. The other person who has been hanging around is probably coming to terms that he has missed a good opportunity to buy. 3 years later does indicate he is a time waster.

As you have exchanged contracts, it is probably too late to back out now anyway if you are now just waiting for the funds to arrive.

Jonathan

Not necessarily - his circumstance might have changed: perhaps new funding, new plans, change in motivation. It should be looked at dispassionately without assumptions and by measuring the risks.

[bwglaw]

3 years is some time to measure risks!. Well of course there could be plenty of personal reasons for not going for the sale. Does not help the vendor in any case so suggest the original purchaser who has stuck around and I presume has pushed the sale through, should be the one to buy.

[Mwebb]

If you have exchanged contracts...my personal thought is by the time you have brought your way out of the contract, "dirtied" your name in the business world, the £25k extra will be well on the way to being gone!!!

Not being a legal proffessional, i cannot say how much it will cost you to get out of a contract.....But it won't be cheap.

Stick with your plans, and move forward. It could take ages to get back to the completing stage again!!

[WakingDragon]

3 years is some time to measure risks!. Well of course there could be plenty of personal reasons for not going for the sale. Does not help the vendor in any case so suggest the original purchaser who has stuck around and I presume has pushed the sale through, should be the one to buy.

You misunderstand me Jon. I meant that Jayne should assess the risks dispassionately. All I was trying to convey was that there could be any number of reasons why somebody would change their mind after 3 years. The key is to see what guarantees Jayne can put in place and what risks there are. Agreeing the price with him in advance and demanding a deposit would allow her to measure the risk vs potential reward.

Plus it sounds like the existing buyers are very emotionally attached to the place. So if the sale is pulled for 2-3 weeks, they may well remain keen.

[multilingual]

OK, here's what I immediatley thought.

Your current buyer was messing you about for a long time, dithering and delaying signing the contract.

Let's say that she has realised that she has made a terrible mistake and in order to get out of buying the bakery she sends in a 'ringer' who offers you a deal that's too good to be true.

You pull out of your deal, therefore putting yourself in breach of contract which means that this woman can walk away from your shop but also sue you for all legal costs.

This mysterious guy then never comes up with the money and you are left crying your eyes out with a 10k legal bill and no sale.

Leave well alone. A bird in the hand is worth two in the bush remember!

:)

JB

[WakingDragon]

That is a risk, but perhaps Jayne can mitigate that risk by asking for a deposit that a) covers her costs and b) covers the inconvenience of having to find another buyer. Asking for this in advance of withdrawing from the current obligations would be intelligent.

[Jayne]

We have talked it over and me and Mark are going with the original buyer, better safe than sorry we think.

Thanks everyone.

Jayne :D

[Cornish Steve]

We have talked it over and me and Mark are going with the original buyer, better safe than sorry we think.

Thanks everyone.

Jayne :D
Well done, Jayne. In the end, good morals mean good business. You can't put a price on personal integrity.

[Jayne]

Thanks Steve, at lease now I can sleep ok :D

The chap who will be running the business for the buyer is Turkish, with a young family. He has been working with us this week and he's a lovely chap, even my Mam likes him and she's a right picky bugger. :lol:

Jayne :D