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I had an interested buyer to buy my 50% partnership. They were very smart and seemed to really be motivated.

They really seemed as if they were interested in making the business a success. However, when they met with my partner for the second time, they opted to not buy my share of the business. I feel as if my partner will sabotage anyone else that comes and shows interest in buying. How can I close my share of the business. What are my options. Please advise. Thank you

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Answers (2)
William A. Price
Business Lawyer
DuPage County, IL

Most partnership, and some state limited liability company statutes allow you to compel dissolution of a partnership for any time and for any reason. This compels sale of the assets and distribution to the partners after the business is wound up. Many buy-sell agreements also provide for a compelled sale. If you can put together a reasonable business plan and any needed financing to make a go of business without your current partner, and show yourself ready to compel a sale, then your partner is much more likely to be reasonable about an orderly transition to new owners.

Hope this helps,

Bill Price

Mar 26, 2013
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The BAF Group LLC

First, do you have a formal Partnership Agreement that specifies how the shares can be sold to eachother or other parties? This is a critical issue that should have been created when you first went into business, but few people do. (We don't need this...we are friends...) What I would do is to try to contact the prospective Buyers and hopefully get them to be open about why they did not go forward. If they simply did not like or trust your partner, they may be unwilling to say anything bad about him/her. But if you can get clarification, it is vital that you understand the situation. Make certain your partner is the problem, before you assume anything. There may be things he/she said that were truly issues that need to be either addressed or realized on your part, that you may be able to overcome. Or, it may be issues that came up with the Buyers that had nothing to do with your business. We had a Restaurant we thought was locked in for a sale, and the Buyer suddenly backed out. We thought we had screwed up in some way, but found out she was suddenly diagnosed with cancer. She is now undergoing treatment and in no shape to be running a business! You need to know what occurred, for certain.

Mar 26, 2013

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