I am considering the purchase of the name and client base contractual agreements (if possible) of a small accounting firm. The single owner/CPA has multiple written 1-3 years contracts for accounting services which are essentially the basis for his asking price for his firm. None of the contracts with his clients mention assignment or delegation, but the contracts also do not specify who will perform the accounting. As the sole accountant of the firm,it could be reasonably expected by his clients that he would be performing the accounting work.
Will I be able to hold these clients to contractual payments, or can they successfully argue that the contract is personal in nature--i.e. the contracts were made with the understanding that only the former owner would be doing the work?
2 Answers from Attorneys
Of course it would be worth it to have an experienced business attorney (& litigator) to review the agreements
I am in Eden Prairie
You should hire a private attorney to review the proposed agreement, and those contracts, and provide you with a legal opinion. Tricia Dwyer Esq, Small Business Law Attorney
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