My Dad and my Uncle are at each other's throats and they need to get out of business together. Neither side will concede, anyone have any suggestions on how to 'legally' break up the business?
2007-06-22 15:45:56 · 4 answers · asked by jaroo23 2 in Business & Finance ➔ Small Business
You need to simply stay out of it and let them settle it themselves
2007-06-22 15:49:24 · answer #1 · answered by Mike Frisbee 6 · 0⤊ 0⤋
Rather than break up the business, why not explore selling it? If the family business has reached an adequate level of revenue, you may be able to find a venture capitalist or another entrepreneur who would reward your dad and uncle for the equity they have created. The alternative is for one to sell his interest to the other, but is sounds like they would have some trouble agreeing on who would leave and how much their share would be worth. Bringing in an outside buyer would settle this issue assuming dad and uncle have defined equity positions in the company.
2007-06-22 15:53:20 · answer #2 · answered by Philip M 2 · 0⤊ 0⤋
Since their relationship as relatives and business partners has turned toxic, they should both walk away. Dissolve the business legally through your lawyers or sell it and reap 50/ 50 profit. But this fighting cannot go on.
2007-06-22 17:09:48 · answer #3 · answered by SloBoMo 5 · 0⤊ 0⤋
One person can buy out the other's portion.
2007-06-22 16:10:59 · answer #4 · answered by hottotrot1_usa 7 · 0⤊ 0⤋