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more on careful who you sell to / collection issue May 3, 2018

KEN KIRSCHENBAUM, ESQ
ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE
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more on careful who you sell to / collection issue
May 3, 2018
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more on careful who you sell to
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Ken
    I liked the article on April 26, 2018 on Careful Who You Sell To- particularly the part about casing out the buyer in regards to hold backs. One problem is many times brokers like me get paid out up front when the deal closes and therefore don’t have much incentive to care about what happens to their client’s holdback.
Victor Harding
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Ken
    nice piece on “Seller Beware!” I know a good life coach if you want help with you self esteem issues.  Kidding aside, the integrity of the seller is everything.  I think the business has changed and is changing too much to hold the paper.  That hold-back could be a killer.  
No name, please
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Response
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    The integrity of the buyer is crucial.  It would be odd however if a buyer thought of himself or herself as having none, little or questionable integrity.  Somehow they never seem to think of themselves that way.  But there are a few pointed questions that you can ask that will guide you.  

    Here's another good idea.  You can ask the lawyer you want to use the same questions, and a few more:

    I'd be happy to answer all of the above.
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collecton issue
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Ken,
    I have a monitored account. The business was seized by the government and the business owner is in jail. Most likely he will be out of business. He has 18 months left of his monitoring contract. Will I be able to consider him in default and bill him for the 80% of the remainder?
Thank you,
John
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Response
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    Yes, and he will most likely appreciate your delivering the default letter / termination letter at the jail; bring a ham sandwich.  
    Of course this subscriber will be in breach if not already in breach.  You can terminate.  Suing is probably going to be a waste of time.  You can try and reach out to the governmental agency that shut him down.  If they took possession they may want to protect the property.  They have to sign a new contract.  It will be very short term and cancelable on demand, so be sure to price it right.
    When I am wearing my United States Bankruptcy Trustee hat I've had to close businesses.  On occasion I've engaged an alarm company to protect the premises.
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THE ALARM EXCHANGE

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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301
ken@kirschenbaumesq.com
516 747 6700
www.KirschenbaumEsq.com