Buying out the other director

[Cliphead]

Sorry mate. Depressing reading isn't it.

It is and I made the mistake twice. Same old story, put up the dosh and did 90% of the work and the last essential 10% just doesn't happen - end of a friendship that started back in school.

Actually didn't get to the 'buy out the other party' stage just told him to GTF, wound up and started afresh difficult as that was. In the long run was cheaper to hire someone to do what he should have done in the first place.

Good luck for the future!

[conned tractor]

It is and I made the mistake twice. Same old story, put up the dosh and did 90% of the work and the last essential 10% just doesn't happen - end of a friendship that started back in school.

Actually didn't get to the 'buy out the other party' stage just told him to GTF, wound up and started afresh difficult as that was. In the long run was cheaper to hire someone to do what he should have done in the first place.

Good luck for the future!

Thanks.

[MarillionFan]

Sure will MF, but as my missus (doing the job he is moaning about doing and hasn't been able to manage yet) has a contacts in selfridges and tesco in a day of picking up the phone then I don't think it's gonna hack it in a tat shop...but I wish you the best of luck with the sledges.


.

Cheeky twat.

I was going to offer to put you in touch with a number of agents I know.

[conned tractor]

Cheeky twat.

I was going to offer to put you in touch with a number of agents I know.

I'm only pulling yer leg, don't mean to offend, your help and advice is usually spot on mate. And appreciated. Thanks.

I would be happy to buy you a beer any day.

[jmo21]

He may have said he's happy to sign it away, but since the OP has asked him how much he'd want, he may seek advice to figure it out.

The OP may be about to find how good a mate this guy really is, and how much of a mistake this has really been.

Yep, saw it coming.....

If you own a lot of the equipment outright, I'd get it moved immediately.

[conned tractor]

Yep, saw it coming.....

If you own a lot of the equipment outright, I'd get it moved immediately.

A good few k of equipment capex all paid out of my personal account, plus operating capital out of my personal account too. And stock.

Probably well over 10k plus rent up front for industrial premises, computer equipment, etc, etc.

[Magic]

Get the assets moved now

Yep, saw it coming.....

If you own a lot of the equipment outright, I'd get it moved immediately.

This is what you need to do now, not tomorrow, today.

Been there and got the same T-Shirt.

I moved all the assets out, the whole lot got nasty, court case etc, but in the end the other person got zero.

Sold the assets at a good price and put the losses down to a big lesson in life 'Friends and business do not mix' as already others stated.

Good luck with it by the way, it is a really crap experience I have to say.

[Paddy]

This is what you need to do now, not tomorrow, today.

Been there and got the same T-Shirt.

I moved all the assets out, the whole lot got nasty, court case etc, but in the end the other person got zero.

Sold the assets at a good price and put the losses down to a big lesson in life 'Friends and business do not mix' as already others stated.

Good luck with it by the way, it is a really crap experience I have to say.

It is a shame and the problem seems to be a very British one although an Indian friend of mine had the same problem and it cost him £60k in litigation. I avoid any business partner for the same reason. In other cultures families and friends seem pull together in business. In the UK it seems that people get stuck with a partner who uses the till as a cash machine.

It maybe easier to sell the company assets off to another company (that you start up now!) and then wind up the old company and let the other party whinge about it.

[Sysman]

Yep, saw it coming.....

If you own a lot of the equipment outright, I'd get it moved immediately.

WHS. I once knew someone who ended up buying his own kit back at auction after things had turned nasty.

Surprisingly similar circumstances, when I think about it. Except a Jag and a Lotus were involved.

[Magic]

Domain Names

The other lesson I learnt was never to hold intellectual property in the company.

We lost a good internet domain name through the whole fiasco as it was registered in the Company name. Now I register things like this with my wife and pay a small fee each year for the use.

If it ever goes feet up at least you are not battling with others to get back part of what you built up.

Last point before people raise the question, what if the wife leaves, then own it yourself or your parents or someone you can trust.