Hello
I sold a business 4 years ago. No money down ( i had health issues ), and so far they are paying me. They have 5 more years left on the note. However based on the pattern and my 30 year experience they are headed for disaster...without getting into details of course... (please just trust me on this
).
And since my family and I rely on the payments, we can not sit and wait until it happens. We would like to begin a competing business ( much smaller than the company we sold) , as an insurance policy. Just enough income to keep us alive when they do shut down
Problem is I am under a NON compete for the term of the note.
My question:
If he finds out about the small company I formed ( as he will since its web based and all), I know he will stop paying, but can he ALSO sue us?
Thanks
p.s. please don't judge and remember the persons were given this business with ZERO down and their existing business had already failed. They have been able to pay their personal bills, survive and still own their own business etc because of what I gave them. The fact that they are running it in a manner not consistent with the successful history of the business, the industry standards and general business rules and ethics etc i snot my fault and should not have to suffer for it.
I sold a business 4 years ago. No money down ( i had health issues ), and so far they are paying me. They have 5 more years left on the note. However based on the pattern and my 30 year experience they are headed for disaster...without getting into details of course... (please just trust me on this

And since my family and I rely on the payments, we can not sit and wait until it happens. We would like to begin a competing business ( much smaller than the company we sold) , as an insurance policy. Just enough income to keep us alive when they do shut down
Problem is I am under a NON compete for the term of the note.
My question:
If he finds out about the small company I formed ( as he will since its web based and all), I know he will stop paying, but can he ALSO sue us?
Thanks
p.s. please don't judge and remember the persons were given this business with ZERO down and their existing business had already failed. They have been able to pay their personal bills, survive and still own their own business etc because of what I gave them. The fact that they are running it in a manner not consistent with the successful history of the business, the industry standards and general business rules and ethics etc i snot my fault and should not have to suffer for it.