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Old 10-10-2012, 04:41 PM
TiedemanLLC TiedemanLLC is offline
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I feel for you too. I have been on both ends of almost being bought out, and trying to buy someone out too. In the end, with two different situations I walked away from the deal, it was the best decision that I ever made.

In regards to the buy out, I had it setup differently when I was trying to buy the other person out. Everything was in writing, non-compete, I was buying not only accounts, but supplies and equipment.

The buy out was going to happen over a three year phase. More or less, if I lost any clients then the next years payment would be adjusted accordingly. He would stay on as a part time manager to help with the transition, and at the end of the three years, if he actually got me more clients, then he would receive a percentage bonus (this was a little incentive so he wouldn't screw me over but actually work with me). In the end I canceled the deal because he wanted all of the money up front. I declined.

In another instance when I was going to get bought up, I was made promises and promises (this was when I first started in the business so I was a little wet behind the ears). I agreed to a buy out price that included the equipment, my accounts, and me being a manager of the company that just sat behind a desk all day.

However, after three days of no money, not being promised the qualified help, and having to work out in the field, I packed up and left.
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