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Trying to buy a retail business | Forum

Topic location: Forum home » Support » General Questions
Martina Perez
Martina Perez Jun 13
Hi thugs, I'm trying to buy a couple of retail stores from my current employer.
I live in Texas, and my current boss offered to sell his stores to my brother and me for just under $1 million. Working with a business consultant provided by my city, I developed a business plan, a financial plan and opened a business account with the Tax Service. My father-in-law invests well about 150 thousand dollars in a business loan to buy a business.
My problem comes from a corporation: they want the new owners to have 100 thousand dollars in cash separately from the business loan for the purpose of buying the corporation. My father has two rental properties that he is not averse to selling in order to invest in this new business venture, but he does not want to lose money because of taxes. My brother and I have been working on this business plan for a year now, and this obstacle makes me worry that it was all a waste of time.
My questions are as follows:
1. Can my PHIL sell his rental property tax-free if he invests in my business?
2. Do I need to make my FIL a partner in my company? He really doesn't like to take risks and doesn't want to lose his retirement money at the age of 70 because of my business.
I understand that I will almost certainly need the help of a lawyer and a tax specialist, mostly I post messages here to get any advice about this so as not to waste time and money anymore. Thank you, thugs!
John
John Jun 13
Well, that’s a complicated situation indeed. I also agree that you need to talk to a good lawyer about this and ask them these questions.
Reading through your story, I also thought it would be easier to start a new business from scratch rather than bother with all this stuff. Because it seems too much, and you never know what will come to their mind a year after. So, I would advise you to contact someone with experience like https://www.prendo.com/leadership-challenges/leading-change-and-transformation and talk to them about this.
The situation needs someone with a good grip and good knowledge of the law.
Rocky Donald
Rocky Donald Jun 14

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