The 2 big issues related to getting out of a business partnership are getting agreement on the price you desire and protecting you from liability. If there are no executed agreements in place, be very careful with how you proceed in your negotiations. It’s a good idea to get an adviser on board.
A family business partnership has unique issues that sometimes cannot be fixed. Even the most hostile business partners will listen to reason.
Starting a business is one of the hardest things to do. You did it! But you are having partnership problems. Relax, we can fix that.
If you are starting or are already in a family-owned business, it is very important to define all aspects of the partnership. Be sure to clearly define the distribution of ownership and specify how partners are compensated.
Is your business partner in charge of the books? What if he doesn’t pay the taxes? You bear equal responsibility whether you know what’s going on or not.
What if you are already in a 50/50 partnership and things are getting rough? Relax. Your partnership can be fixed.