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<<And the moral is never to trust your BIL. :-)

Or maybe it's never sell your business for anything other than all cash, even if it's to your brother in law. :-)

My take: Never enter a business relationship with someone like that. By letting "Bob" make payments for the biz, Alton bcame Bob's banker. Why lend money to such a jerk/incompetent/neophyte?


That's easy to answer. Selling a small business can be a difficult chore, and people who may have the interest and skills needed to run it may not have the money to buy it. So owner financing of a small business is a common feature of selling a business.

Unfortunately, in this case, the brother in law had neither the skills needed to run the business nor the cash.

Poor decision by the seller, I'd say, if he really wanted to get his money. Perhaps he was just interested in getting out.

Seattle Pioneer
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