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Did you look at the books prior to entering into this agreement?
Not busting your chops here, just wonder if you were shown 2 different sets of numbers etc.
Did he not represent the business as net profitable, how did he justify the 140k?
Sounds like he knowingly mislead you considering he was looking for 140K and the shop does not turn a net profit!
More info please
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Former Test driver & Production Manager Singer Vehicle Design
2009 Cayenne GTS, '81 911SC RoW Targa (lot's of goodies), '86 535csi, '84 633 csi (turbo charged-sold)  , '68 912 Targa (sold)  , '69 911E (sold)
"Dream it, Believe it, Decide it, DO it "
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