[Spotfree]

Hi guys need some advice
Me and the wife have our differences, looks like we may not be able continue the marriage
Both directors ( I built and run it )
She does 6 days per month
Turnover roughly 50k
Costs around 8k
I want to be fair to us both
What’s a reasonable figure to offer to buy her out please?
Thanks

[dd]

Have you spoken to your accountant, I would like to think he/she could give you an informed opinion.

[Spotfree]

Have you spoken to your accountant, I would like to think he/she could give you an informed opinion.

I have, he did.
I just wandered what kind of price a round like mine may fetch today.
When I used to be interested in window cleaning I think rounds were going for roughly 3x monthly

[dd]

As it is a ltd company I would guess the way to value it would be different to selling a window cleaning round. Also if your wife works for the company 6 days a month I would guess you will be making her redundant.

Another factor would be how much time/effort your wife put into building up the business.

You also have the value of the equipment e.g. van, poles RO system etc.

That is why I thought your accountant's opinion would be more valid. Personally I would value the round at 3x monthly profit as a starting point (if your wife agrees) and factor the other elements into the equation.

Hope it all works out for both of you.

[Wind o kleen]

Give her the S h i T e  jobs and send her packing ☝️ Tell her not come running back when she finds out some blondie 👱‍♀️ has been stopping by ,

[Spotfree]

Give her the S h i T e  jobs and send her packing ☝️ Tell her not come running back when she finds out some blondie 👱‍♀️ has been stopping by ,

hahaha…according to her I am that type of txxt!

But seriously she’s has our children and I want it to be fair.

My accountant acts on both our behalf’s so it’s awkward for him to talk about it.

I think 3x the monthly , the tranny is 2012 with full service and somewhere around 100k and some rust spots. Probably worth a couple of grand, the equipment I’ve had for years  so it’s probably worth a mint on eBay, they love the haggered Gardner gear there!

[Spruce]

Give her the S h i T e  jobs and send her packing ☝️ Tell her not come running back when she finds out some blondie 👱‍♀️ has been stopping by ,

hahaha…according to her I am that type of txxt!

But seriously she’s has our children and I want it to be fair.

My accountant acts on both our behalf’s so it’s awkward for him to talk about it.

I think 3x the monthly , the tranny is 2012 with full service and somewhere around 100k and some rust spots. Probably worth a couple of grand, the equipment I’ve had for years  so it’s probably worth a mint on eBay, they love the haggered Gardner gear there!

Just because someone is prepared to pay silly money on Ebay for window cleaning equipment doesn't mean its worth that in the business world.

It would be interesting to see what the Transit is worth on "we buy any van.com".

Ask an accountant how much good will is worth. Your customers are not assets in your company. Even the Receiver accepts this, as they don't (or didn't) consider purchasing a round as a tax write-off against expenses.

I might even pay for the services of a different accountant who isn't involved with both of you. I would probably do this without her knowledge. No matter how civil things start out to be, divorce usually ends up in a bitter fight. In most cases the bloke comes off second best. Its the nature of the beast.

[Splash & dash]

Hi guys need some advice
Me and the wife have our differences, looks like we may not be able continue the marriage
Both directors ( I built and run it )
She does 6 days per month
Turnover roughly 50k
Costs around 8k
I want to be fair to us both
What’s a reasonable figure to offer to buy her out please?
Thanks

Sorry to hear this but you need the advice of a solicitor not a bunch of think they know what they are talking about window cleaners for something like this

[NWH]

It won’t be up to an accountant to tell what you’ve got to pay your Mrs it will be a Solicitor lol,I hope she doesn’t get a good one for you’re sake.

[AuRavelling79]

Who are the shareholders and what percentage does each own? My guess is 50% each you and her.

However it will all go into the pot as each lawyer works their 'tragic magic'.

In my experience the mum gets the lion's share if there are dependent kids to be catered for.

It's a lawyer you need.

[dazmond]

Hi guys need some advice
Me and the wife have our differences, looks like we may not be able continue the marriage
Both directors ( I built and run it )
She does 6 days per month
Turnover roughly 50k
Costs around 8k
I want to be fair to us both
What’s a reasonable figure to offer to buy her out please?
Thanks

thats roughly what i turnover on my own these days working 25 hours a week and £8k expenses per year are very similar too!

id offer her £10k by BACS transfer straight into her account and see what she says........i hope you can come to some sort of amicable agreement without being dragged through any courts.......

mind how you go mate......

i know a few guys who are going through divorces at the moment with kids involved.......

[james peters]

 I am very sorry to hear that your marriage has ended. I had a divorce a few years ago. its an awful experience !
use a solicitor. dont do anything  on your own , unless your wife agrees to it.
even then its best to get it in writing from a solicitor .

[Slacky]

Hi guys need some advice
Me and the wife have our differences, looks like we may not be able continue the marriage
Both directors ( I built and run it )
She does 6 days per month
Turnover roughly 50k
Costs around 8k
I want to be fair to us both
What’s a reasonable figure to offer to buy her out please?
Thanks

Sorry to hear this but you need the advice of a solicitor not a bunch of think they know what they are talking about window cleaners for something like this

Exactly, people cant agree on here whether its better to have heated van seats in the summer or a compact round of front onlys.

[Gringo]

Topic on divorce and ltd companies and Dazmondo still gets the 25hrs part time into it

[Slacky]

We'll be talking about 5* holidays in Greece soon...

[Slacky]

on this thread.

[zesty]

Daz’s posts usually include some of the following key words/phrases:

Part time now

My transit connect

Record day

Heated seats

New customer

25 hours

Greece

Drums

And there’s usually plenty of ‘…..’ in his posts

 

……

[Smudger]

Sorry to hear your marriage may becoming to an end

Really I would spend £200 and have a meeting with a solicitor - either divorce or business one

As far as I am aware it comes down to the shares you have - if you made the classic mistake of going 50/50 then you will be in stalemate as neither of you can make a decision without the others agreement

usually - shares in small companies are valued at £1 each and there are 100 shares - so technically you could buy her out for £50 or whatever the amount she holds - however thats not the value of the biz, I think you would have to negotiate a buy out price - either a full years profit or % over the last 3 years or time she was a director.

Another way is simply that she stays a director ( if less than 50% ) and each year takes her dividend

I doubt this will be easy or smooth for you over the next year or so

Darran

[deeege]

The value of the business will be considerably lower than she thinks and considerably higher than you think.

See a specialist divorce lawyer asap.

[dazmond]

let this be a warning to other lads...dont ever get married and certainly dont go 50/50 in a business and NEVER have a joint bank account...keep everything separate....

for most people its pointless getting married......so many people get divorced within 5 or 10 years.....its BS...