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Business Partner Drops Out

slick4591

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My brother decided he wanted out so he basically handed all the animals and equipment over to me in exchange for the small debt he owed me. He is keeping one calf that will be sold in about three months. He wouldn't tell me exactly why he wanted out so bad, but he made me one he!! of a sweetheart deal. Now, if I can only convince my wife to write more checks. :lol:
 

TexasBred

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Take nothing for granted. I would have him sign off on something releasing all assets to you in lieu of you releasing him from his debt. Just a bit of insurance to have later. Nothing like dealing with relatives especially close relatives.
 

slick4591

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M-5":1hn5yuqp said:
that sound like a winning deal for you

It definitely is. He still retains half interest in the tractor and a 16' flatbed.

TexasBred":1hn5yuqp said:
Take nothing for granted. I would have him sign off on something releasing all assets to you in lieu of you releasing him from his debt. Just a bit of insurance to have later. Nothing like dealing with relatives especially close relatives.

We did that as we made the deal. I didn't want his kids making a claim in case something happened to him.
 

TN Cattle Man

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TexasBred":2ntfj7fy said:
Take nothing for granted. I would have him sign off on something releasing all assets to you in lieu of you releasing him from his debt. Just a bit of insurance to have later. Nothing like dealing with relatives especially close relatives.
*** Can't stress this enough!!!!
 

TN Cattle Man

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TexasBred":252aoed4 said:
Take nothing for granted. I would have him sign off on something releasing all assets to you in lieu of you releasing him from his debt. Just a bit of insurance to have later. Nothing like dealing with relatives especially close relatives.
*** Can't stress this enough!!!!
 

john250

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TexasBred":17gt79ru said:
Take nothing for granted. I would have him sign off on something releasing all assets to you in lieu of you releasing him from his debt. Just a bit of insurance to have later. Nothing like dealing with relatives especially close relatives.

This is great advice!
 

slick4591

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I really can't see us having a problem, especially since it's in writing. My concerns have always been with our kids because they don't care about the animals, just the money.
 

TCRanch

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slick4591":22owsxfh said:
I really can't see us having a problem, especially since it's in writing. My concerns have always been with our kids because they don't care about the animals, just the money.


First of all, congrats! Second . . . understood and glad you have it in writing :)
 

slick4591

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Thanks! Pretty much glad I don't have to answer or get permission for anything any longer. It's going to be a different world from now on.
 

talltimber

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Congratulations!
Before Dad got out I hit him up about going in partners when my Grandpa passed. Didn't say no, just didn't answer. I didn't press him. When he was getting out, I told him let's go in partners, I'll take care of all the day to day, you keep your tractor and big Rhino bushhog and baler. We will both make hay. Other than emergencies, you won't need to show up except to get your check and I'll buy out within three yrs. No answer, I didn't press it. I'm so glad he did it that way too. Now it's all me if I make it or not. I can sell what I want, buy what I want, go broke or make it. I've thanked him since.
 

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