$400,000 Business, Need To Dissolve Business Partnership With My Brother

[Mamadoo]

Sell me the business for $1, give your brother $0.40 (his share), then I'll sell it back to you for $2

Would this work? lol

 

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[Mamadoo]

You have more say than he does at 60%. Pay yourself every penny.. pay him 0. Simple? An employee cannot earn money when they do not work right?

 

[MJ DeMarco]

It seems like the posters above have already exhausted a lot of options you may have. It'll be interesting to hear what route you decided to take it.

It's not a great situation, but I wish you the best of luck and I hope you manage to reconcile the relationship with your brother in the future.

Yea, that's be great @Dan Da Man if you could let us know how you handled this situation and what the outcome was. I'm really curious to how it all unfolds.

 

[Weaponize]

ALWAYS SETUP VESTING SCHEDULES FROM NOW ON!!!

@rcdlopez I totally agree with your Vesting Schedules, I would add a "Vesting Cliff" to that as well. So... They get zero vesting payout until they hit their cliff date (usually 1 year out). May not have helped in this situation since it was 2 years into it when this all went down, but still a good idea imo...

 

[Unknown]

Is shutting down the business an option?

Shut that bish down. Sell your share of the company to him let him be the owner of the whole business, set up a new business with a different name tell all your clients about whats going on and that you've moved to a new company and its been YOU that has been doing all the work and they should move their accounts over if they want to continue getting the services they have been used to getting.

If there is no way to sell it. Then just start a new business and let that current business burn and crash.... (tell the customers about your new business though).

I got a quote from a roofing company that did this exact thing. I had trouble trusting that he was really the good partner. In the end I went with a different company even though he had the best quote. I would worry about running into the same trust issues with your clients.

 

[Dan Da Man]

Dan, I'm sorry to hear of such turmoil.

I truly hope you can find a scenario with which to properly leave all parties satisfied, and not lose a brotherly bond. Although if your success continues, as I am sure it will, you may forevermore have to contend with your brothers envy and own insecurities.

Perhaps if time is on your side, educate yourself as best as possible in human psychology and negotiation. 48 Laws of power etc...an idea may spark when new concepts from such studies are internalized. Also, get a really good lawyer!

Thanks man. Appreciate your sincere words.

 

[S&P]

Never partner with anyone for that matter.

Why?

Anyone here care to give their take on this?

 

[Blackadder]

Why?

Anyone here care to give their take on this?

Its all about control, if I own 100%...then my word is law, my opinions are the only ones that count, and my say is final.

with partners you are either the lazy one or the over worked one....and either you have to be dragged or feel like your coddling someone...

and when your liquidation event happens, whether or not to take it is your decision alone....you don't have to feel like you got cheated, or that you have to beg and pleaded with your partner to sell or not sell


if 100% of the company is yours, you are free to join in combined businesses with others as long as your primary stays yours alone.

 

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