HOW TO buy out my business partner?
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gun
Apprentice
Joined: 11 Nov 2007
Posts: 7
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 Posted: 05/09/08 - 10:42 Post subject: |
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| I have a business for quite some time with a partner. However, he and I do not get along to well, have a different business ideas. He wanted to get out of the business and now I am trying to find a way to buy him out. However, I am not sure how it is done, so if anyone could give me some advice, it would be great. |
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shurlock
Apprentice
Joined: 25 Feb 2007
Posts: 11
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| Posted: 05/31/08 - 00:14 Post subject: |
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| Disagreement with your partner is probably one of the most difficult things that could happen in business. There is always too much stress, and more than enough problems concerning the share you have to pay him. If you are 50/50 partners, then it is perhaps easy enough since you need to pay him half of what your business is worth at the time of the buying out. However, if the things are more complex than that, you will need to hire a lawyer, to have him sort out all the legal difficulties and perhaps mediate if you cannot reach the agreement on your own. Hope everything will soon be sorted out. |
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