What to do if we recently sold a small business but now the new owner is claiming we shorted them thousands of dollars in inventory?

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What to do if we recently sold a small business but now the new owner is claiming we shorted them thousands of dollars in inventory?

The owner works at the business and has for 2 years so he knows what we had. Plus he did a walk through the night before the closing and said it was okay. Can he now come back and claim we owe him for this inventory he says we shorted him? I thought that once the closing took place it was all done.

Asked on May 3, 2014 under Business Law, Indiana

Answers:

Shawn Jackson / The Jackson Law Firm, P.C.

Answered 7 years ago | Contributor

Well, it depends upon the signed agreement and any other facts at that time which may be relevant. Certalinly, if he/she had "accepted" the sale and the "walk through inventory without any other considerations or coments, the seller's case diminishes. So, you will want to select an attorney to review the signed agreement and to read your recitation of the facts in order to render a legal opinion.

Shawn Jackson California Business Attorney


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