Small service oriented business with about $30k annual revenue. Due to conflict, my partner wants out and is requesting half the bank account, but also has an attorney valuing the company at an unrealistic, exaggerated amount. The company isn't worth this amount, and I am not willing to pay this for his shares. He also won't buy my shares to let me out, but I can't continue working with him.
He hasn't been involved in the operation of the company for about 8 months due to this conflict. For this reason, I am thinking about simply stopping the operations, and starting a new, similar business with a different name.
Is this an acceptable plan? I can't continue growing this business for him, but I am out of ideas. Any guidance and suggestions will be greatly appreciated.