Register free!

The Green Industry's Resource Center



Reply
 
Thread Tools   Display Modes
  #1  
Old 08-21-2005, 09:26 PM
wrestlingcoach's Avatar
wrestlingcoach wrestlingcoach is offline
LawnSite Senior Member
 
Join Date: Oct 2003
Location: Sand Springs, OKlahoma
Posts: 252
Finally buying out partner- NEED Contract sample

At the end of the month I am finally get to buy my partner out.

BUT I need a sample buyout agreement to fit us.

AS of August 21st
Cost of accounts ( 10% of gross sales) $5,619.70
Equipment $27,000.00
Parts $813.00
amount owed to us $3,939.74
prepaid Money ($530.00)
worker comp ( months left) $580.00
liab ins $954.00
truck ins $814.00
checking acct Balance $929.24
cash $20.00
checks $322.00
employee tax stuff ($123.41) owe federal their fica, fed tax
shea &chris $0.00
ACCOUTANT ($35.00) need to pay

Business is Worth $40,303.27


So I will end up paying him $20,000 and some change

ANY THOUGHTS OR IDEAS????
__________________
wrestlingcoach in Okla

1-61" scag turf tiger
52" toro WB
44" toro WB
32" Lesco WB
1-12' trailer
4-Shin. trimmers
2-sthl blowers
2-stihl edgers
Reply With Quote
  #2  
Old 08-21-2005, 10:03 PM
wbw's Avatar
wbw wbw is online now
LawnSite Platinum Member
 
Join Date: Oct 2004
Location: houston tx
Posts: 4,351
Is he financing this

or are you paying cash? $27,000.00 seems like a lot of used equipment (just an observation). If he doesn't finance it make him an offer on the low side. Either way make sure you get a non-compete. Remember if your non-compete is too restrictive it will likely not be enforcable. Last but not least, remember, YOU ARE THE ONLY BUYER. No one else can buy this. Keep this in mind and do not overpay.

I have owned several businesses and wasted lots of $ over the years, but the money I have given my lawyers has never been wasted. You don't need a sample contract you need an attorney, pay $500 less to your partner and give it to a lawyer.

Last edited by wbw; 08-21-2005 at 10:09 PM. Reason: left out answer to question
Reply With Quote
  #3  
Old 08-21-2005, 10:14 PM
wbw's Avatar
wbw wbw is online now
LawnSite Platinum Member
 
Join Date: Oct 2004
Location: houston tx
Posts: 4,351
Sorry I forgot

to add that an accountant can help structure this deal too more than save his cost in taxes. Things like paying more for the depreciating assets...whatever...I don't know this stuff but the accountants do.

Last edited by wbw; 08-21-2005 at 10:14 PM. Reason: misspelled word
Reply With Quote
  #4  
Old 08-21-2005, 11:28 PM
wrestlingcoach's Avatar
wrestlingcoach wrestlingcoach is offline
LawnSite Senior Member
 
Join Date: Oct 2003
Location: Sand Springs, OKlahoma
Posts: 252
$ 27,000 in equipment is for what I think I can sell the equipment/ trucks today out of the paper if we had to liquidate.
__________________
wrestlingcoach in Okla

1-61" scag turf tiger
52" toro WB
44" toro WB
32" Lesco WB
1-12' trailer
4-Shin. trimmers
2-sthl blowers
2-stihl edgers
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump





Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Copyright ©1998 - 2012, LawnSite.comô - Moose River Media
All times are GMT -4. The time now is 09:40 PM.

Page generated in 0.07008 seconds with 7 queries