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Bike Rack Brewing's CDO is suing his partners
Posted on 9/18/18 at 10:20 am
Posted on 9/18/18 at 10:20 am
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The relationship between Outain and several of Bike Rack’s co-owners started to decline in January this year when the defendants, according to the filing, “began making unfounded claims against Outain, threatening him with lawsuits and demanding that he ‘voluntarily relinquish’ his ownership interest in [Bike Rack], refrain from having future contact with [Bike Rack] employees and never again enter a location owned or operated by [Bike Rack].”
dang baws
The relationship between Outain and several of Bike Rack’s co-owners started to decline in January this year when the defendants, according to the filing, “began making unfounded claims against Outain, threatening him with lawsuits and demanding that he ‘voluntarily relinquish’ his ownership interest in [Bike Rack], refrain from having future contact with [Bike Rack] employees and never again enter a location owned or operated by [Bike Rack].”
dang baws
3
Posted on 9/18/18 at 10:23 am to Harry Rex Vonner
The defendants’ reaction to that, according to the lawsuit, was an offer to Outain of $33,500 to buy out his ownership interest. Outain rejected that offer on March 30, and requested access to the company’s financial records so he could “properly” determine what his ownership stake was worth.
An independent review of the business by a local CPA that was concluded in August said Bike Rack was worth just $105,900, and that Outain’s 17% ownership stake amounted to $18,003.
An independent review of the business by a local CPA that was concluded in August said Bike Rack was worth just $105,900, and that Outain’s 17% ownership stake amounted to $18,003.
Posted on 9/18/18 at 10:36 am to Harry Rex Vonner
Speaking of bikes, it's almost that time again. Just another week
Posted on 9/18/18 at 2:09 pm to Harry Rex Vonner
Would love to hear the whole story.
Partnerships are HARD.
I can't imagine having 4 or 5 owners all wanting to feel important over a business worth 100k
Partnerships are HARD.
I can't imagine having 4 or 5 owners all wanting to feel important over a business worth 100k
Posted on 9/19/18 at 12:02 pm to YumYum Sauce
I know, that's some bad lying on their part
a small rental house is "a business worth $100K" but brings in annual revenue of maybe $9k or $10K
This Bike Rack brings in $800K a year top line - so if they cleared $300K after overhead, or whatever, did he not get 17% of that last year?
truly a weird collection of numbers in this story
a small rental house is "a business worth $100K" but brings in annual revenue of maybe $9k or $10K
This Bike Rack brings in $800K a year top line - so if they cleared $300K after overhead, or whatever, did he not get 17% of that last year?
truly a weird collection of numbers in this story
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