My partner wants out of our auto shop. What are my options?
When one partner wants out, the shop doesn't have to close. You can buy them out, sell the whole thing together, or bring in a buyer who takes their place. Start by reading your partnership agreement with your own lawyer.
If this sounds like youYou built this together and now one of you wants out. You feel stuck in the middle, and you're not sure you can carry the shop alone.
What you can do.
Buy out your partner
You keep running the shop, but you need the money for their share.
Sell the whole shop together
Both of you step away and split the proceeds.
Sell their share to a new partner
Hard to find the right fit, but possible.
Sell the shop and keep the building together
Both of you collect rent going forward.
What to watch for.
- Read your partnership or operating agreement with your own lawyer.
- Get an honest value for the shop before you agree on any number.
- Keep the shop running well while you work it out.
Owner to owner, and it stays private.
Lotus buys whole shops and the buildings they sit in across Massachusetts and Connecticut. If you and your partner decide to sell together, we keep the team and the name. James will talk with both of you, privately.
James StephensonLotus, Massachusetts and Connecticut
Quick answers.
Do I have to sell if my partner wants out?
Not always. Your agreement and your finances decide a lot of it. Ask your own lawyer.
How do we agree on what the shop is worth?
Many partners get an outside value both sides can trust, so it doesn't turn into a fight.
Thinking about what comes next for your shop or building?
Reach out and we’ll talk it through. No pressure, and the conversation stays private.
james@lotuspe.us