confusedcleaner
New Member
My wife and I started a drycleaning business in our dream ski town with a third business partner about three or four years ago. We had known our now business partner only on a social level. When we started the business we all agreed on our roles in the cleaner. My wife is managing partner taking care of day to day operations. I have been in charge of maintenance of all the machines in the store. Our business partner has been in charge of the quickbooks and financial side of the business. Both my business partner and myself have full time jobs outside of the cleaners. Over the last few years our business partner has not kept up on the quickbooks making it difficult for my wife and I to determine how our business is growing. I hate to admit that I have let this go on for so long. I have tried all kinds of tactics to motivate him to keep up on the books. I have been the nice guy, the mean guy, the heart on my shoulder guy, I have played them all. Nothing has worked. Last week i decided to call the business' accountant to determine how we were looking for the end of 2007. I was shocked to find, again, nothing had been entered all year! I was then informed our business partner had paid this accounting service to enter the data into quickbooks for the year 2006 out of the business' funds. After bringing to his attention my concern he immediatly put up a front. Calling our accountant liars, etc. In our last discussion I told him my wife and I were taking over the books ourselves and that we would be compensated accordingly for doing his work. By the way, my wife and I own 66% of the business and the three of us determined in our business agreement that if the three ever disagreed we would hire a mediator. Anyway, he refutes the fact that he is in the wrong and immediately stated we "better get a lawyer or buy him out." I would love to buy him out but in a recent e-mail he asked for a buyout of more than three times the actual value of our business. We are realizing he clearly wants to make this as difficult as possible. I'm at a loss at our next move. The business is not making any profits as of now, beyond paying our loan and monthly bills, but will eventually be the livelyhood of our family. It seems like we are in for an ugly break up, any advice you could give would be greatly appreciated!
Ben
Ben
