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Selling my 50% of my business

Apparently, when my partner met with the prospective buyer. She felt that she has put in two years of her time and energy and this new buyer would come in and expect 50% of whatever the profit. I am very discourage because if she feels this way, then anyone else that comes in will be turned off by this and not want to buy. My partner is not willing to buy my share of the business and I feel that I am completely in a bad situation that I cannot get out of. I have been very fair with her and I am afraid that I might have to go through a realtor and do multiple listing. Is this a possible option? I want to be able to solve this situation amicably and not feel as if i am being cornered. Please advise. Thank you!

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Answers (4)
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Clinton County, NY


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Aug 10, 2017
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Aug 9, 2017
William A. Price
Business Lawyer
DuPage County, IL

Most state partnership statutes provide for dissolution and winding up of the business whether or not the other partners agree. This can be done by sale of the business, but could also involve a compelled sale of the assets and a restart, with each of you free to pursue existing customers.

Unless your partnership or LLC Operating Agreement or business operations deal compels this, and it rarely does, you probably have no obligation to continue doing business with strangers. Local counsel experienced in business entities law (look for present or past leaders of the relevant committees in your local or state bar association) can advise you on your rights, and business accountants, business valuation professionals used by your lender, and local or regional business brokers could all help you determine what the business and its component assets are now worth, or could be sold for.

If you are ready to compel sale, and have a plan to operate with or without the current business or partner, then your current partner is likely to be a lot more reasonable about negotiating exit and control terms for a breakup agreement and process.

Hope this helps,

Bill Price

Mar 26, 2013
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The BAF Group LLC

DO YOU HAVE A WRITTEN PARTNERSHIP AGREEMENT that structures the terms under which the business can be sold? I take it no, and that is a mistake most partnerhips make. And you do not want a Realtor for this kind of a transaction - you would want a Business Broker. But a Business Broker cannot help you with this issue. Your partner is correct: If a Buyer paid you for your 50%, that Buyer should get 50% of the ownership and profits, regardless of what your partner wants or does not want. But if the partner is unreasonable and will not deal effectively with a new partner, you are fairly well stuck. But a Business Broker is not going to help you with that; you need an Attorney. But frankly, if there is no Partnership Agreement, I don't know what even an Attorney can do.

Mar 26, 2013

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