My business is worth WHAT?!?!
At the time of retiring the average business owner in Australia does not have a funded pension beyond what they have set aside in their own and their spouse’s Superannuation; most will have a personal residence that has only recently had the mortgage paid off and less will have a significant investment portfolio. Remember, these are averages so your circumstances may be better or worse off. In many situations the family business will be the most significant financial asset available to provide for the owner’s retirement years. You should be asking yourself several questions, but are you ...
How to buy your Partner’s share of the business
Obtaining the equity your partner owns in your business can be a confusing or often difficult process. Perhaps your counterpart in the firm could have gotten an opportunity elsewhere that he wants to focus on or, as is also common, there has been a personal conflict, and the two of you cannot stand each other. Business partnerships could end for many reasons. Some of the endings to partnerships could be peaceful and lead to the best benefit of both flanks under the situation. Alternatively, some partnerships' endings involve pain, tears and a whole lot of lawsuits. Regardless of what kind of way the business ends, the tips below are necessary so as to ensure that you successfully buy out your partner.