Q: How do I collect on an agreement to pay for a business?
I sold the business to my partner, he sent me an agreement and signed it that he would pay me over 4 years and stopped making payments. Can I do anything to collect that? I am a 78 years old and really need the money. I haven't done anything since Covid, but now he is back in business and making money.
A: Contact a lawyer who handles business disputes or a contract lawyer or a collections lawyer in your area----bring them the agreement signed by your partner and ask them the best way to enforce it, that is, collect the monies owed.
A: First present your own written demand, if you have not already. Specify the terms breached and the amount owed. If you can't work it out, promptly schedule a consultation with an attorney. Beware of the statute of limitations, which for written contracts in Fla., has a limitations period of 5 years. If you do happen to work it out, of course put any new agreement in writing and have it signed - and it would be best to consult an attorney about the best way to word such agreement.
A: Depending upon the dollar amount involved you might be able to locate an experienced Florida business lawyer who does this for a living. There are several in Florida; and you do not have to retain one in the city where you live either; in fact, most collection lawyers prefer to collect in distant cities.
Tim Akpinar agrees with this answer
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