Quote:
Originally Posted by Grant
Be careful! My family recently had to sell a lakefront home owned 67 years when one sibling demanded to be bought out and the other (on retirement income) couldn't afford to buy the other half. The rest of us, with kids in college, couldn't pull the trigger, either. So now we're left Lake-less, brokenhearted and bitter. If you're looking long-term, make sure everything is spelled out up front.
Our problem stemmed from 1st generation leaving equal ownership to two 2nd generation siblings, and the one who later demanded liquidation refusing an earlier (like 15-20 years ago) buyout from the other. And now the other 2nd, and the 3rd and 4th generation family members, all of whom looked forward to many more memorable years on the Lake, are left out.
And this, I can assure you, sucks worse than anything.
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That is exactly why I would steer shy of any partnership. Family and friends often make the worst partners, they are also the ones to stay away from if you own a business and they want work done.
It just opens the door to hard feelings.