Areeda
Pattern Altitude
Well it's not legally a partnership it's a corporation but that doesn't matter.
The most contentious part of the agreement is what happens when one of us gets out. This is invoked if one of us wants out, dies, or the rest of them vote me out for being too wierd.
I think we've got it well worked out except for the timing, here's where I'd like the advice of people with more experience buying and selling aircraft.
It works like this:
The 12 months seems long. How long do you think we should keep it on the market at full value? Remember during this time the departing member still has his monthly obligation and rights to fly the plane at the hourly cost.
All comments are welcome.
Joe
Also posted this on AOPA
The most contentious part of the agreement is what happens when one of us gets out. This is invoked if one of us wants out, dies, or the rest of them vote me out for being too wierd.
I think we've got it well worked out except for the timing, here's where I'd like the advice of people with more experience buying and selling aircraft.
It works like this:
- The person wanting/getting out pays for an appraisal and gives the rest of us notice in writing. This starts the clock.
- For X days the rest of us have the option of buying that share or finding another partner. Also we can get another appraisal if we want.
- If the we don't find a new partner (or buy him out) then for Y months the whole plane goes on the market at the appraised value. We can still find a partner or buy him out.
- If that doesn't work then we accept any reasonable offer, or buy his share at the reduced price.
The 12 months seems long. How long do you think we should keep it on the market at full value? Remember during this time the departing member still has his monthly obligation and rights to fly the plane at the hourly cost.
All comments are welcome.
Joe
Also posted this on AOPA
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