Partnership ? - I want to buy out but....

Discussion in 'Business Operations' started by meets1, Oct 9, 2013.

  1. meets1

    meets1 LawnSite Gold Member
    Posts: 3,781

    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.
  2. ReddensLawnCare

    ReddensLawnCare LawnSite Bronze Member
    Posts: 1,652

    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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  3. wbw

    wbw LawnSite Fanatic
    Posts: 5,476

    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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  4. wbw

    wbw LawnSite Fanatic
    Posts: 5,476

    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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  5. Tanum

    Tanum LawnSite Member
    Posts: 169

    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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