I'm heading to a meeting in a few minutes to discuss with the partner. As of now, she's being very amicable and easy going. My current plan of action for this meeting.
1) Start removing her access/control of any accounts associated with the store.
2) Tell her to get everything ready to turn over to our CPA for tax purposes.
3) Tell her that we'll dissolve the corporation and discuss possible buyout after taxes have been filed and we have an accurate picture of the business's worth and liabilities at year's end.
They're trying to move, her husband is starting up a company (with his brother in law... man oh man...), and they seem to be pretty agreeable because they have other shit to deal with as well. We'll see if they're that agreeable when we start making lowball offers based on the worth of the store. In addition, this is an extremely busy time of year for the store, so it's all we can do to stay afloat and deal with the demands of the store without trying to restructure and hire someone for the holidays. I know this also sucks, because the net worth of the store may grow in the next month or so due to the revenue for the holidays, thus giving her more value in the buyout. That's okay, though.
Many of the recent problems built up over Thanksgiving Break while they were out of town, and we were communicating through emails (resulting in a lot of miscommunication between the wives) while the wife and I were busting our asses at the store.
The business is an LLC, btw. We will probably try to dissolve the LLC and refile as an S-corp.
Thanks so much for all the advice. It was tremendously helpful and comforting. I sent a lot of it to my wife. She sent it to her stepfather, who was extremely impressed with the quality of advice from some internet message board (he's a healthcare lobbyist and businessman who we haven't let get involved because he's so ruthless in this shit and we wanted to try to salvage the friendship).
This place rocks.
In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican.
- H. L. Mencken