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Old 10-09-2013, 09:58 PM
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meets1 meets1 is online now
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Join Date: Feb 2004
Location: NW, Iowa
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Partnership ? - I want to buy out but....

Not related to lawn care at all. Another business we run. I would share more in a pm

Story is we have storage unit business. Other partner is 50%. Always issues. I have asked to by out but it gets lost in the conversion at hand. I need some advice. I have talked to banker and lawyer but I hate spending money talking to them and not getting anywhere. Maybe some of you guys or one of you have experience and we can share stories from there.
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Old 10-09-2013, 10:31 PM
ReddensLawnCare ReddensLawnCare is online now
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Location: Charlotte, NC
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Look up the shotgun clause. I believe it has to be in effect from the creation but I could be wrong
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Old 10-10-2013, 05:57 PM
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wbw wbw is online now
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Location: houston tx
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The very first decision any partners ever make should be how to end the partnership. Having said that I am assuming that there is no buy-sell agreement in place. In this case you need to tell your partner in no uncertain terms that you want to end the partnership. Without a buy-sell in place the fairest way I know to do this is to let one of you determine the value and the other gets to choose whether to buy or sell. This keeps the valuation honest.
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Old 10-10-2013, 05:59 PM
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wbw wbw is online now
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I once saw two guys divide their assets into two fairly equal piles and tossed a coin with the winner getting to choose which pile he wanted. Probably wouldn't work with storage units:-)
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Old 10-10-2013, 06:03 PM
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Tanum Tanum is offline
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Buy a wood chipper and ask him to look inside to "fix the jam" think Fargo movie... You can always sell chipper after or leave it unlocked somewhere, by by evidence.
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