My three siblings and I have a family trust partnership where each of us own 25% of the land and building. Two of my siblings own a beverage distributorship company that is located on the property we all share. We all receive rental income distributions monthly, and two of us (who do not own the other business) have come to depend on. Two of the brothers are going to sell the beverage business, but the deal is contingent on buying the property/building as part of the deal. The other two of us were not consulted, and it will greatly affect our livelihoods for the next 10 plus years (900K + in lost rental income, plus future increase in property value selling 10 years or more from now). The brother who runs the business is only 57 (we thought he would work until full retirement age before selling). He plans to continue running the business but will have a minority interest after the sale. What legal recourse do I and my other brother (who is not part of the beer business) have? This transaction was sprung this on us without any consideration for our needs and it is planning to close in late September? The business is in Iowa, I live in California.
1 Answer from Attorneys
Sorry to give you the least-liked answer an attorney can offer, but it depends on the terms of your trust or partnership agreement. I am guessing from the zip code you entered that the property is in Cedar Rapids, so your best bet would be to contact a business law attorney there.