Laundromat Resource Forums Laundromats Partnership gone wrong Reply To: Partnership gone wrong

Barb CW

    Thank you Mason. When I had mentioned before that it was time or money between partnerships they said it was our choice to put this much time in. It’s hard to get through this part when we have a deadline to get jobs done in order to even stay open. When we started we all agreed it was all hands on deck so to speak. Everything needed to be done by October for when the new machines came; then the deadline shortened because of the inspection.
    I would like to buy them out for just the money they put in upfront to buy the building and for the time they put in. I don’t feel it’s fair to give them half of what the value is worth since they haven’t put in the time (I am not a lawyer so I don’t know what rights they have, except a plus for us they are not listed on the mortgage, just the business loan). It was already mentioned about changing the percentage of ownership and they didn’t like that because they knew their share would be lower. I will look at that concept you posted. Thanks!