Legal Question in Business Law in New York

retail store

My mother has a 10year lease on a store which she sells bathing suits, etc.. She says that if she were to sell the store she could ask $300,000 for it. She wants to go toa lawyer and have an agreement that if she passes her store would go to a woman who's been working for her and that woman would have to pay my sister and I an agreed amount each year. We don't trust this woman and feel my mother should leave the store to us to sell or run. And, if this woman was interested in buying the store and had the money at that time then we'd make a deal. What do you think is the best approach??


Asked on 4/13/08, 3:07 pm

3 Answers from Attorneys
NEAL SPECTOR, ESQ. NEAL S. SPECTOR, P.C.

Re: retail store

You and your mother are very foolish to endeavor this sale without using a lawyer who is experienced in selling businesses.

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Answered on 4/13/08, 3:43 pm
Christopher Hoyt The Law Offices of Christopher W. Hoyt

Re: retail store

Your mother should retain an attorney to go over her goals with her. The number of factors that come into play with a transaction like this are numerous and therefore an attorney would really need to sit down with your mother and get all the information first before recommending the best way to accomplish her goals. Please feel free to contact my office if we may be of any assistance in this matter.

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Answered on 4/13/08, 4:49 pm
Steven Czik CZIK LAW PLLC

Re: retail store

It would be highly advisable to have an experienced attorney representing your interests in this matter. We are very experienced in handling these types of cases, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.

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STEVEN J. CZIK, P.C.

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New York, New York 10013

212.413.4462

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The information provided by The Law Offices of Steven J. Czik (LOSJC) is for general educational purposes only. There is no attorney-client relationship established by this communication and no privilege attaches to such communication. LOSJC is not taking and will not take any action on your behalf and will not be considered your attorney until both you and LOSJC have signed a written retainer agreement. There are strict deadlines, called statutes of limitation, within which claims or lawsuits must be filed. Therefore, if you desire the services of an attorney and decide not to retain LOSJC on terms acceptable to LOSJC, you are advised to immediately seek the services of another attorney.

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Answered on 4/14/08, 12:06 pm


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