Hi,
Myself and a few friends started a web startup 6 months ago. Since then we have had internal strife and one guy wants to leave (and we want him to leave too). He owns 25% of the business. We are only getting to the sales point on the business, so there is no regular way to value the business.
This guy is being unreasonable and wants to continue to own 25% while we will have to build it up through hard work.
To clarify there would probably be no buyers of this business now as we are pre sales. We are confident it will succeed but we dont want to carry a large shareholder in a startup.
Could we create a new company and sell the old one's assets to it i.e. site/code/brand?
Do we have any options?
Thanks
Myself and a few friends started a web startup 6 months ago. Since then we have had internal strife and one guy wants to leave (and we want him to leave too). He owns 25% of the business. We are only getting to the sales point on the business, so there is no regular way to value the business.
This guy is being unreasonable and wants to continue to own 25% while we will have to build it up through hard work.
To clarify there would probably be no buyers of this business now as we are pre sales. We are confident it will succeed but we dont want to carry a large shareholder in a startup.
Could we create a new company and sell the old one's assets to it i.e. site/code/brand?
Do we have any options?
Thanks