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  1. #1
    Join Date
    Mar 2012
    Posts
    2

    Default Owner is Backing Out of Agreement to Transfer Business

    My question involves business law in the state of: Oklahoma
    My fathers and his partner have a company which is a partnership (50-50) and they were wanting to turn ownership of the company over to myself and an employee that has been in the company for 20 years. I was hired 2 years ago with this being the agreement. My Fathers partner agreed with this business decision to perpetuate the company and sent mailings to all our manufacturers that we represent stating that myself and the 20 year employee would soon take over the reigns of the business and listed myself and 20 year employee as Vice President's. There were several meetings between the four of us (both founding partners and myself and 20 year employee) where agreements were made that we would take over the business and hands were shook but to this date there is nothing in writing. My father and his partner even went to their attorney and discussed this numerous times and agreed that to perpetuate the business, turning over the reigns was the best option.
    Two months ago my fathers partner decided that this was no longer what he wanted to do and informed my father that the deal that he had made with all of us is off.
    Was there a contract entered into by the four of us and if so, is there any course of action that can be taken?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    75,419

    Default Re: Owner is Backing Out of Agreement to Transfer Business

    Take the contracts / agreements / mailings / anything else that is in writing that documents this deal to a business lawyer in your state and have them reviewed. We cannot interpret contract language we have never seen.

  3. #3
    Join Date
    Mar 2012
    Posts
    2

    Default Re: Owner is Backing Out of Agreement to Transfer Business

    Thank you for quick response.

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