523, Partner Buyout|
Posted by Jody, Mon Dec-18-06 08:32 AM
I own a company with a business partner. We have been in business for 11 years. The company is very successful, however over the last few years, my partner and I have not gotten along. We have a business coach who guides us and we even had a conflict resolution therapist work with us for 6 months. However I feel that I cannot work in this environment any longer. I would like to sll my shares of the company but my business partner does not want to incur the cost to buy my shares (I estimate at 1.5 million). We have a buy/sell which we have not signed yet, however it does give him the right of first refusal if I should sell my shares to another. Here's my dilema. What do I do if he does not want to buy my shares, and he does not like any of the other buyers who seek my shares. I feel like I could be stuck here. Any advice from others who have gone through this before would be greatly appreciated.