What do I need to do if I am the majority owner of a restaurant and want to buy my partner out?
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What do I need to do if I am the majority owner of a restaurant and want to buy my partner out?
He feels that the business is worth twice as much as it really is even though I have shown him what it’s worth. Can I force him to take an amount that is reasonable?
Asked on November 26, 2013 under Business Law, Wisconsin
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
You cannot force him to be bought out. You can each get someone to appraise the buisness goodwill and balances sheet (assets and liabilities). Or you can both agree to a neutral third-party to appraise the business as a whole. If he still doesn't wish to the amount, you may wind up as business partners for a little while longer. You can also consider agreeing to pay him a small stipend monthly and this way he has a steady income until such time you both agree to the sale.
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