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It would seem that your in the driver's seat - business about to potentially close and he nor you have any monies to put into the business.
What business form is the business - partnership, LLC, Corp - what?
Did all the owners make an equivalent investment - although not equal but as to percentage of ownership.
How much monies did you and your sister put into the business?
Are there any other investor/owners besides you, your sister, and this silent investor?
So - you have 40% - put in the $80k initially + $45k + $12k
sister has 20% - put in $40k initially
3rd owner has 40% - put in $80k initially
The standard way to price these is to start with 40% of teh annual gross. Pricing will go up or down with the type of licensing the business has for liquor and permitting live entertainment on the premises. In a good restaurant the food cost should not be over 38% and labor should be about the same. The basic reason for capitalizing the income for pricing is that for some rason restaurant and cocktail lounges (bars) operators have a greater tendency to skim their profits than most other businesses.
There are other ways to evaluate - that's to work with the fair market value of teh assets, cost of inventory, and at least one year's net for goodwill.
How long have you been in business?