KWERY:I own 50% of a business, along with my partner who owns the other 50%, and we are not getting along. I want to get bought out at a fair value for my interest, but we don’t have a buy/sell agreement. What can I do?
RESPONSE:Hindsight of course is wonderful, a buy/sell agreement would have helped (maybe). However, in the absence of that, you either need to discuss the matter with your partner and see if the two of you can work it out; or you are going to have to initiate a suit, perhaps for the dissolution of the partnership, and see if that triggers negotiations between the two of you. Generally speaking, without some form of a written agreement, neither one of you is obligated to buy out the other. However, without one of you buying out, the resolution very well may be the liquidation of your business – in which case both of you will probably lose.
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