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Forum nameComfort Food
Topic subjectSELLING MY 1/2 OF MY COMPANY
Topic URLhttps://www.businessownersideacafe.com/forums/dcboard.php?az=show_topic&forum=100&topic_id=93&mesg_id=93
93, SELLING MY 1/2 OF MY COMPANY
Posted by LILLY, Thu Jul-26-07 04:01 PM
ON MONDAY 7/23/07 MY PARTNER (SO CALLED FRIEND) CHANGED THE LOCKS ON OUR BUSINESS DOORS AND SENT ME AN EMAIL STATING I WAS NO LONGER ALLOWED TO COME INTO THE OFFICE. WE HAD RECENTLY BEEN WORKING ON SPLITTING OUR OWNERSHIP AND RUNNING 2 COMPANIES UNDER 1 ROOF (WE HAVE 2 DIFFERENT WAYS OF RUNNING THINGS AND BUMPED HEADS TOO MUCH). WHEN WE OPENED THE BUSINESS LAST YEAR (4/10/06) WE AGREED THAT EVERYTHING WOULD BE 50/50. THE BUSINESS CAN EASILY EXCEED 1 MILLION PER YEAR. TODAY SHE CALLED AND OFFERED TO BUY ME OUT AT THE REDICULOUS PRICE OF $5000.00 WHICH I AUTOMATICALLY LAUGHED AT. I THINK I'M GOING VERY LOW WHEN I EXPECT NO LESS THAN 50K (AND TO ME THAT'S NOT ENOUGH). SHE THINKS THAT YOU BUY A PARTNER OUT BY WHATS IN THE BANK ACCOUNT, AND BECAUSE WE DON'T HAVE THAT MUCH IN THE BANK RIGHT NOW (BECAUSE SHE WROTE OUT CHECKS MONDAY AND TOOK MONEY FROM THE ATM...BEFORE SHE GAVE ME THE CHECKBOOK & SHE HAS NOW PUT US IN A NEGATIVE BALANCE)SHE FEELS THAT 5000 IS SUFFICIANT. MY QUESTION IS....IF YOU OWNED A 50/50 PARTNERSHIP IN A COMPANY THAT WILL MAKE OVER A MILLION BY THE END OF THE YEAR, WHAT DO YOU THINK WOULD BE AN APPROPRIATE AMOUNT FOR ME TO SETTLE FOR? AND AM I CORRECT WHEN I SAY SHE "ILLEGALLY" LOCKED ME OUT - THAT I NEED TO KNOW FOR LEGAL PURPOSES...BELIEVE ME...LAWYER WILL BE INVOLVED.