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Old 07-16-2012, 06:19 AM   #1
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Location: Cresco, Iowa
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Selling a "Contract" - where, who, etc

In 1998 I started a business from scratch, it was a consulting business that spread out to include business clients in 7 states.

However, in 2005, about 8 or 9 months after I hired my retired military son, I had a major heart attack - surgery - and things went down hill from there. I ended up in a forced retirement and promoted son to President of my 2 corporations and he has been running them since then.

In 2011 it became clear that I needed to step aside and allow son unfettered command (and honestly he was doing a great job in the businesses).

So - I had an attorney draw up a contract sale of my shares of the businesses to my son - signed and sealed Feb 1 of 2012.

My question is this ------

Who, where, would I begin to search out that would possibly wish to buy out the contract I have with my son???? The signed contract will play out over 15 years for well over $500,000 in it's entirety, however I believe I would like to have a significant portion of that to finish my life with - being over 70 now, I would enjoy a home paid for, everything else also with out fears of any debt.

If anyone has information on organizations, corporations, individuals or etc that do this sort of thing please advise me here, or in PM.

God Bless


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Old 07-16-2012, 06:56 AM   #2
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Location: kingston tn.
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start with a tax attorney
you will get a smaller amount than .5 million as you will be discounted to reflect the 1 time payment
i would suggest you ask your son to find financing and just pay you off,the interest he will pay would be far less than the costs of selling your contract.
good luck and safe travels
my wife and i have decided when we go what ever is left will go to our kids and the government so we are spending it NOW as neither one will spend it as wisley as we will

just liven life in east tn or where ever our
2011 georgetown ,2012 explorer and 02 tbird take us
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Old 07-16-2012, 10:42 AM   #3
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Understand that approach - however I desire to sell my contract with him, without consulting or notifying him that this is being done.

He attempted to obtain financing initially - was unable to. No reason why that has changed, and yes - I am fully aware I will have to discount the account but am willing to do that to some degree.

Other thoughts?

God Bless

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Old 07-16-2012, 11:10 AM   #4
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Boy, this would be hard. I can see a lot of down side and very little upside except for the initial discount on the purchase. The easiest thing to do would be to finance it yourself for your son. These are very hard times for small businesses and people are very risk adverse now.
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Old 07-16-2012, 11:40 AM   #5
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Originally Posted by Sepisllib View Post
I desire to sell my contract with him, without consulting or notifying him that this is being done.
I think it unlikely that anyone would buy such a contract under those circumstances. An investor's return will depend on your son's performance, and as I see it the only way to assess that is to talk to him and look at his records, etc.

You're not selling a hard asset like real estate, which can be assessed for its value by independent methods. Nor are these (his) businesses publicly traded stocks-type companies, right? It seems to me like investing in a sole-proprietor business is more like buying a vehicle- most folks won't do so without looking under the hood and kicking a few tires...
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Old 07-27-2012, 07:19 PM   #6
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Why don't you start with your son....maybe he could arrange financing. Further you might well be better off keeping the cash flow (money in the future is still money and may insulate you from making bad decisions with the capital). Unlikely you will find capital to replace the potential income unless it is substantially discounted and the source is bullet proof. I wish you well!

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