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    2 Replies Latest reply on Nov 7, 2008 8:12 AM by blitzlocal

    Small Business Buyout

    wantsout Newbie
      I am a partner in a small business. Its not working out and I would like to buy my partner out or have him buy me out. I have approached him about this several times and he is unwilling to consider. There is no way we can continue working together. What are my options?
        • Re: Small Business Buyout
          Lighthouse24 Ranger
          Since you said that you're a partner, I assume that this is a partnership structure -- in which case your options will be spelled out in the Partnership Agreement that was signed and filed when the business was formed. In a typical agreement, you'd be required to offer your partner (in writing) a chance to buy out your half of the business (or sell you his half) for an appraised value. If he refused the offer or did not respond within a stated timeframe (say, 20 days), then you could offer your half to other potential buyers for the same or a higher price. Hope that helps. Good luck.
          • Re: Small Business Buyout
            blitzlocal Adventurer
            Ask a neutral third party to help you come to agreement.
            That takes the emotion out of it- plus this person can look over your partnership agreement.

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