I want to sell my business and need some advice on how to split the proceeds.?
It is a family owned business. I employ my 2 daughters as President and VP Operations. I have invested over $500,000 in this business and believe my business is worth about $1 million. I have told my daughters that I want to recover my investment and then I will split the remainder of the sale 3 ways. They don't feel I am being fair by recovering my investment first. I am 60 years old and this is my only source of money for retirement. They are in their early 30's and have a lifetime to gather their nest egg. What should I do?5 months ago - 3 answers
Take the whole lot and leave whatever you don't spend in your retirement to the animal shelter.
Are there shares in the business? & who owns what proportion?
Recovering your investment and then sharing equally sounds more than fair to me.
Give them nothing. If you don't give them thirds they'll probably resent or hate you anyways. If they cease contact with you take them out of the will as well. They're employees, not owners. It seems you raised a pair of greedy pigs.by Howard L - 5 months ago
Typically you would first ask your daughters, if they want to purchase the business or because share holders in the business. Honestly, I can't imagine too many people who would want to build a family business and pull the wool out from under the family that has helped grow it (kind of slimy.)
If you have enough income to live, what are you even going to do with the money right now??