Question: Say you are considering buying a bakery currently in operation. They have had pre-booked cakes already paid months in advance, and I as a potential new owner will have to bake these cakes at a later date.
There are also some pre-booked weddings that are partially paid but will be paid in full before the wedding day. Do you fairly divide the funds that have come in previously, or are coming in towards these wedding cakes? Do you ask to take some of that income off the purchase price? Or do you just swallow that loss, pardon the pun. Some of the money from pre-booked cakes is already spent anyway since they were paid months ago. Does the seller have rights to all the pre-booked weddings up until sale of the business, or will I as potential owner in transition to owning have all rights to any pre-booked funds coming in? Kind of confusing, but trying to be fair to both parties in considering this. Has anyone ever dealt with this type of situation? Thank you in advance!
you need your lawyer to answer that
Definitely agree with the lawyer thing. Legal advice is best left to the professionals