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Partnership gone bad, now I want out...what do I do?? - Page 2
 
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  1. Collapse Details
    leave that partener
    lets settle everything with your partener and then end the deails with him and find any new one.
    thats best for you


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    just tell your partner what you want actually how you want


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    Take time to discuss your company's Vision and Mission with your partners. Look for what energizes and motivates each of you about your business. Give it a purpose and define what the ideal business will look like. Put the joint Vision and Mission in writing and use it as the reference for everything else you do.


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    I've been in a similar situation (except there were 3 of us, 33.3% each, one silent partner and 2 active).

    Try to figure out what would be a fair valuation of the business as it is right now.

    What I would do is look at the issue from their perspective. Your partner probably wants you out of the business too, if you're not contributing. Maybe you both owe each other apologies for various things that have happened in the past, and it's a good idea to start with that, but staying unemotional and professional in your approach.

    I would attempt to positively collaborate together to find a solution that works for you both. For example, you could start with two options in mind: 1) buy out immediately, or 2) double down on your time and effort contributions and become an equal partner again trying to grow the business, with a potential buy out in 6/12/18 months. Offer both options and tell them you prefer the buy out immediately, but will work with whatever they prefer, and ask if they see other potential solutions. They might want to offer you a 20% ownership with a guaranteed dividend, for example.

    Make it a positive negotiation to find a mutually acceptable solution.


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    #15
    Join Date
    May 2017
    Location
    London, E14 8RJ United Kingdom
    Posts
    67
    I think you should go to the registrar office you you filed your company name to start as a partner there you have to call you partner and file of the dissolving of the company. Go to the banks and show them the paper that you filed during the start up and get yourself free from the mutual partnership in your business.


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    what is a shotgun agreement and where might I find some examples of partnership agreement papers? Thank you.


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    You may decide to close the doors, sell the business, sell your share to the partner, buy him out or any other option that will allow you to move forward with YOUR plan.


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    They're not solution-oriented. ...
    They have financial ôskeletons in the closet" ...
    You have different values. ...
    They won't sign a partnership agreement. ...
    They don't communicate. ...
    Your skills are unequal. ...
    You're doing all the work. ...
    Buy them out.


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    You know, that's always very sad when partnership goes bad. We often have mutual debts and it is difficult to return them in time. The situation can become unpleasant when one of the sides hire collectors from https://www.frontline-collections.com/ because no debtor wants to deal with them.


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