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Partnerships

Partnerships

Case 1 – The Granny Farm

Two ladies were in partnership running a nursing home. One had provided virtually all of the capital to buy and convert a huge Victorian property; the other was a nurse, essential to the business, but they couldn’t work together any longer.

Chris set up a spreadsheet with all key figures from the business accounts, and as agreement was reached on such matters as partners’ salaries, interest on capital, profit shares, who was to take which asset and which liability out of the partnership, their closing capital account balances were calculated.

Each was able to approach Chris with “what if” proposals. The parties were able to reach agreement, knowing exactly how much each would be able to take out of the business.

Case 2 – Cash For Coal

A mother and son had been in partnership in a cash business in Perth. When the mother retired, the business profits increased and the son formed the view that his mother had stolen £250,000 in cash over past years from the partnership.

The mediation was in Edinburgh. One of the relatives attending was a tax expert and, working with his brother, he showed him that the figures were exaggerated. After a long day and evening of negotiation, agreement was reached whereby the son withdrew his claim and the mother paid part of his costs.

The agreement was signed at five minutes to midnight.


Forensic Accounting

Mediation

Expert Determination

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What Others Are Saying

Excellent service, thanks for sorting this out.