Dear Fellow nairalanders, I had a written agreement with a man (Rtd Air Force and a farmer) in September 2020 to transfer the ownership of my business to him since I got another job that warranted my relocation to another State. The total amount of equipment in the shop was #130, 000 after I removed the most expensive gadjets from the shop leaving the basics that is needed to run the shop. Almost 6 months gone now and all I have collected from him is 40, 000 which he paid twice 20, 20 remaining #90, 000. I was expecting to get paid 2days ago being the end of January since he has said he will be paying per month, only for me to call him to hear stories of his pregnant wife would deliver this month and pleading that I wait till February ending. At this point I felt disappointed and since he is somebody I respect so much I found it hard to verbally express my feelings so I sent him a text where I stated my disappointment and how I have plans for the money and he should be considerate.
His response was surprising which is why I am seeking advice here. He said he was disappointed to takeover the shop from me too that he hasn't gotten anything from it since I handed it over, meanwhile he locked up the shop since September only to open in last week of December, how is that my business? Now, involving police might even be counter productive because the police respects him there being a former force man and we are talking about a developing Town and not a City where he may find it hard to influence anyone. Pls which option do I adopt to get my 90k from this man, thank you.

Naanlong01:
His response was surprising which is why I am seeking advice here. He said he was disappointed to takeover the shop from me too that he hasn't gotten anything from it since I handed it over, meanwhile he locked up the shop since September only to open in last week of December, how is that my business?.

You need Shylock with a dose of Scrooge. It's obviously your business you were not paid for.

Hmmm this quite simple yet you should be cautious.

What are their terms of the agreement should in case a party default?

If there's non, then you shot yourself on the leg. What I will advise is very hard, walk out on that money but before you do, let him tell you in clear terms the deadline for the complete payment, you may do this by going to someone he respects or listens to.

The business space has no respect for his condition, however you should be empathetic, it's obvious he wants to make his problem your problem, that's wrong.

But make sure you find a way of sending a strong message to him on when to pay back, even if it means involving the police, but do this carefully, the policeman should be on mofty when you go to see him, this force people have connections and can make your life miserable, don't make it look as a threat but that you need the money badly.

But if I were you I will walk out on that money, it's just bad debt, you don't do business this way, I will find alternatives to survive without that 90K, there are things or people you can engage to help you stay up, find ways outside that man and build your life, someone on pension and with a family, my guy there's real responsibilities on that man, sincerely.