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This is a corporation and we would buy him out completely. He will play no part whatsoever after that. We have a manger on site, etc. My question is, how close to the actual appraisal price for the park should I offer to buy him out and still know that I made a good deal?
You ask if either of us want to leave the business. Both of us want to keep the business and it can't be split. I assume we are going to bid against each other until one outbids the other. Would it be wise to bid up to the 3Million dollar amount, of which I would owe 1.5 of that, because that's what an outsider would have to pay and they would still make money because the income covers the note plus more. Yes, the rent will go up as the economy allows. I can also put rentals on some of the spots where we just rent the spots as of now, so that would get the income up also.