Forums: Discussions for entrepreneurs and small business.

ouch! Sounds familiar. I also have an overzealous greedy partner who thinks nothing of what a 50/50 partnership means legally. Ah well, I`m starting over for the umpteenth time in my life and since I`m the specialty contractor in my company and he is not a contractor at all he`ll be on the curb with a wine bottle by next month after we dissolve. My partner was up to very similar money manipulation plus taking more than his fair share of profits while the company actually owed me and not him. I`m glad to say its over and it wont happen again!

 
I wanted to give an update to my saga with the rogue partner.

Back in December, I found a great attorney, and he suggested setting up a "good cop / bad cop" scenario in which he pushed my partner to dissolve the LLC, and I could come in and offer him a way to get out without losing everything and racking up huge legal bills.

I am happy to say that it worked.  Last night I completed the buyout of my rogue partner.  I am now partner-free, and have 100% ownership of a thriving business which should now reach its sales goals by the end of May 2007!  Morale is through the roof with our employees and our customers, and my pulse rate is back to normal.

My advice is this:  NEVER EVER go into business with a partner!  EVER!  Do not be lured by the apparent benefits of a partner.  If the business is meant to be, then you can find some way to do it yourself and hire people to help.
 

Congratulations SteelMan
This was one exciting story.

Glad you turned the situation around!  Those are great advice for the rest of us. Thanks!

Never say never.  My advise (to be taken with a grain of salt because I don`t have business partners in an industry that is well known for partnerships) is to look at a potential business partner the way you would look at a potential spouse in terms of the day-to-day way that you get along.  But don`t get blinded by love.  Prenups (in the business sense: buy-sell agreements ) aren`t such a bad thing.  Glad to hear that it resolved positively for everyone with minimal expense.  It sounds like you have a lawyer who is experienced and has the client`s best interests at heart.




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Beverly Salhanick, Esq.