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Is there anything someone can do if the numbers are wrong after closing?

A friend of mine bought a business a month ago and the numbers for the business is way off what was indicated by the seller. Is there anything my friend can do at this point? The seller is carrying a note and my friend is having problems paying it because the numbers are so off.

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Answers (2)
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Biz2Credit LLC
New York County, NY

David,
Is the nos. wrong in the tax return or only in the interim financial. Did your friends get audited nos. from the business or was it just made on the excel sheet. He can always tell the seller about the wrong nos and restructuring seller notes. We do a lot of deals with seller notes at www.biz2credit.com

Jun 2, 2010
Jon Holmquist
Edgemaster Model 400 sharpener
President
Marion County, OR

Did you have legal representation when you closed the transaction? Are we talking about enough money to go after considering the legal fees. Or is it an expensive lesson your friend will have to absorb and work harder to make the numbers work for him. Good luck, Jon at Edgemaster Mobile Sharpening

Jun 2, 2010