This would appear to be the most appropriate Category to post this specific question under, if I have incorrectly categorized it my apologies. I am in the position to assume 50% ownership of an existing mechanical contractor, established in 1953 - using my work and experience, as well as industry contacts essentially as capital in exchange for the 50% consideration. The organization in it's proverbial heyday, employed as many as 25 personnel, mostly technical in nature and has gone through a relatively signifcant series of up's and down's primarily attributable to mismanagement and lack of trade specific knowledge. I have some business background by virtue of experience and college - but I have a few questions about this "opportunity". Such as, what type of documentation should I require to legalize acceptance of the offer - the type(s) of specifics I should ask for in that documentation, etc. The most recent owner is deceased and has left the business to two or possibly three of his children (all legal age), without someone with significant trade knowledge the Company would fold, I have instituted several changes that the business is beginning to reap the rewards of and I feel as though it is in my best interest to get this offer documented sooner rather than later. I am also considering incorporating an additional revenue stream into the base services of the Company and researching the possibility of investing in a trade specific franchise - any input on these considerations would be tremendously appreciated. Thank you.
Sounds like you might want to consider buying the whole thing for a good price seeing how it might be worth zero without you. Getting partial ownership is always tricky and be sure you are not also inheriting 50% of the liabilities.
You need to put together a professiaonl team to assist you; probably consisting of a good business broker and attorney.
Best of luck,
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