Clean It Up

UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: ascjim on January 10, 2012, 11:49:23 am

Title: Buying out Partner
Post by: ascjim on January 10, 2012, 11:49:23 am: My business partner has decided to sell up to me for personal reasons.

This will work out great for me but im also disappointed but poop happens.

So he wants x amount, but i don't have all the cash.

The question is, will i need to get a business loan from our account or would a personal loan be ok?

What are the pros and cons?

Any help you be great.
Title: Re: Buying out Partner
Post by: GDwindowcleaning on January 10, 2012, 11:53:20 am: It really doesnt matter where the money comes from, do you have a partnership agreement in place?

Could you not work out a deal where you give him a lump sum then pay off the rest over time?
Title: Re: Buying out Partner
Post by: Sean Dyer on January 10, 2012, 11:56:37 am: If he is giving up the ball is in your court , give him what you can afford if he doesnt go for it all he can do is leave the work to you to carry on cleaning as its part of your business already

the way i see it he is gonna be lucky to get anything so he needs to compromise if you dont have the cash right now
Title: Re: Buying out Partner
Post by: GDwindowcleaning on January 10, 2012, 11:59:05 am: If they are partners then he has to be fair, thats why asked about the partnership agreement....
Title: Re: Buying out Partner
Post by: George P on January 10, 2012, 12:17:55 pm: ifn hes selling his half of a partnership and james doesnt want or cant get funds in time he could sell to someone else, may not be ideal but it is his choice, best way, sort out agreed price and make arrangements to pay as soon as poss
Title: Re: Buying out Partner
Post by: rscleaningservices on January 10, 2012, 12:30:34 pm: well James if you cant work that out id give it up !!!!!!!!!!!!!!!!!& maybe become a carpet fitter what do you think Bones !!!!
Title: Re: Buying out Partner
Post by: rosskesava on January 11, 2012, 12:43:17 am: It don't make a scrap of difference where the money comes from. It could come from your Aunt Nellly or who ever.

What a strange question? ???
Title: Re: Buying out Partner
Post by: CraigBlues on January 11, 2012, 12:47:23 am: It's a fair question, just someone trying o get some advice. I thought that's what this forum was about?
Title: Re: Buying out Partner
Post by: Denise l on January 11, 2012, 04:30:25 am: I think you need to raise the cash personally and then introduce it to the company accounts as a personal loan. Pay your partner out of the company and then the company owes you the loan back. Otherwise speak to your bank manager and he will advise you or your accountant.

Denise
Title: Re: Buying out Partner
Post by: Helen on January 11, 2012, 11:49:00 am: Quote from: Denise Hall on January 11, 2012, 04:30:25 am
I think you need to raise the cash personally and then introduce it to the company accounts as a personal loan. Pay your partner out of the company and then the company owes you the loan back. Otherwise speak to your bank manager and he will advise you or your accountant.

Denise

Denise, can't you sleep????? ;D
Title: Re: Buying out Partner
Post by: ascjim on January 11, 2012, 03:43:41 pm: Thanks For the info guys.

Looks like i will go with a personal loan, it will be so much easier to add more money to me existing loan then to get a business loan.
Title: Re: Buying out Partner
Post by: Crystal-clear on January 11, 2012, 05:18:27 pm: James ,

worse thing you can do is get a loan puts pressure on you.

simply offer him these options.

1) pay him monthly
2) split work up then he can sell it by himself.

getting in debt is a bad idea m8t.