I'd love to hear the insights / feedback of my fellow forum members on a pressing issue I'm dealing with. There is a TLDR version at the bottom for those who don't care to hear the whole story.
So - Frank and I are in our early 30s, we start an event rental company 1 year ago, primarily renting tents, chairs, and tables. Our company takes off last winter / spring for two reasons:
1. I build relationships in the local industry that send us referral jobs
2. I email local schools and offer to distribute tents, chairs and tables to them directly from our wholesaler - this was SIGNIFICANT, as we acquired our first 6 and 5 figure contracts for our services.
Soon business is pouring in and we have more work than we can handle. We quickly become the number 2 event rental company in our area on yelp. Frank handles the inbound calls and social media. I handle logistics, set up, managing new employees. All other aspects of the business we handle together. Thing is, Frank has a bad temper, a fragile ego, really a classic napoleon complex - this is something everyone notices about Frank, not exclusive to my relationship with Frank. I manage this as best I can, but he becomes increasingly disrespectful as we become increasingly more successful. His ego inflates as he handles more and more inbound calls - it creates a complex for him where he irrationally calculates that he is doing the majority of the work, forgetting that it was my initiatives that put us in the position to have inbound business in the first place, forgetting that I am managing our team, our logistics, everything that actually brings our services to physical fruition. After a few arguments that we resolve like gentlemen, we have a few weeks of peace and great success. I receive a ridiculous midnight text from him that he never should have agreed to split the company 50/50 with me, he apologizes the next morning at claims he was drunk and his friend send the text... Seriously? I'm processing that Frank may be to toxic to work with long term, he is always on edge and always needs his ego soothed.
Here is the final straw: A week or two later he asks me to go out for drinks with him, he sees a table in a crowded bar and asks me to save it while he goes to get a drink. He vanishes for 45mins, I text him that I'm taking off and he's welcome to join if he'd like. The Uber picks me up before he responds - and when he responds he is typing in all caps, calling me every name in the book, claiming I left an hour ago, calling my girlfriend ugly, using every 4 letter word in the book, suggesting we meet up and fight. A truly childish and embarrassing melt down that lasted over an hour, all via text - and completely one sided as I did not engage in any foolishness - I told him I needed space and I couldn't work with someone so disrespectful and hateful. He's apologized but I can see that this behavior is so engrained in his personality that it would take years of soul searching and therapy for him to truly change.
After some time apart we both come to the conclusion that he should buy me out - this was about a month ago. We agree to have 2 or 3 CPAs evaluate the company's worth and negotiate from there. He has a CPA buddy from college do it, and send me a ridiculously low ball offer. It's his friend, he's biased, I take it with a grain of salt. Meanwhile my neutral 3rd party CPA has been taking weeks to get back to me and now has Covid - big delay in this whole process. I'm scrambling to find someone else to help evaluate our business and it's a lot harder than I expected - according to my original CPA this should be a straight forward job. We fully own our assets, we have no loans or debt aside from a few family members we owe a fraction of our profits to for helping us start, our only consistent expense is our storage unit, and we are nicely in the green profit wise. Everything is in QuickBooks and we've only existed for a year, so combing through our finances should be simple. I already have an idea of what I think he should pay me, I really just need a cohesive write up from a CPA to present to Frank in negotiations.
So far Frank and I have been gentlemen about this process and I'm letting go of hard feelings, but we both want to wrap up this buyout sooner than later. Frank is indicating that things are going great since I've taken a step back from the business (I'm still involved to an extent, until the buyout is final), however our employees are coming to me, unprompted, and telling me horror stories of disrespect, poor management, and Frank having frequent meltdowns and mishaps. They're planning to quit once I fully leave the company and asking if they can work with me on future endeavors - I emphasize leadership and treating employees they way you'd want to be treated (good pay, getting my hands dirty with them, patience, etc). I think I'd like to use the money to buy property, start a new small business, or buy a small storage unit facility... I'm lost and struggling about what to do with my future.
I'm sorry for being longwinded, but I really wanted to give you all the full picture - after reading this story some of you may have some advice, or guidance, or even similar stories that you'd like to share. I'm open to constructive criticism as well - am I going about this the wrong way? Making any big mistakes? etc....
TLDR version: I need help and guidance in the process of my business partner buying me out, I'm having trouble finding a CPA who can work with me in a reasonable time frame. I'm just looking for a written up business appraisal to begin our negotiations with. I have no experience with this so any thoughts or insights are greatly appreciated.