I’m a woman in my 30s after some friendly advice, I sold a solid online pet business 6-7 months ago where the new owner went through the entire due diligence process and contractual agreement with lawyers, signed off on it all and completed. All the while had complete transparency and access to everything in real time. When we closed I got a large % upfront with some (still significant) money held back on seller finance (…..I know). I had always written that money off on seller finance, I know the risk and pitfalls, but couldn’t get around it and I needed to accept the deal as overall it was a good move, the seller note does have some security on it which I won’t divulge too much of here, albeit not personal liability more so I get some of the business back again.

I haven’t done anything wrong not that I’m being blamed per se, everything was presented to them prior to lawyers and they had access to everything during the process. They were very very amateur in their approach to the due diligence and they were lucky that everything I presented was factual as they would’ve got burned if someone did sell them a dud, incompetent to say the least. Fast forward and they have been even further incompetent and they’ve tanked the business as they haven’t got a clue what they’re doing and haven’t bothered to invest properly in it expecting it to just carry on as if nobody is heading it up, no strategic moves have made, and no advice that I’ve given has been heeded and if it is its very slow to do it. All the plans they had were shelved and they are clearly just burning money now. I have performed all my obligations, answering questions and held their hand during transition (all well documented and backed up in writing) but they are inept and didn’t plan properly. I now have a feeling my seller finance monies are in real jeopardy and they are in breach of the agreement

I don’t want the company back I have moved on to another industry in a different niche and ‘not my monkeys not my circus’ apart from the fact I have money held back on the note. They could easily fold the business and I end up with nothing (who do I even chase if the LLC is closed who owns the business…?) – but I think after such a short period they would be very naive to do so given the amount of money already paid upfront, it would be dead money. I do think that the economy has turned and they are suffering 50% form that and 50% their own negligence.

What would you do in this situation, apart from lawyer up, which I’m doing. Would you go in hard with legals and not communicate?