Conflict Over Fifth Partner and Desire to Exit

5:55

19:13

100.6K views

At 5:55 in

GROUNDED! Airplane Partnership is DONE! | True Story of Greed v/s Friendship

Watch on YouTube

What happens here

Around two to three weeks prior to recording the video, the other partners approached him about bringing in a fifth partner to the airplane, which would further dilute his ownership share. He expressed his reluctance to accept this, as his 1/4 share (worth $27,000 based on the $108,000 current valuation) would decrease to a 1/5 share (worth $18,000 based on the original $90,000 value, or $25,500 if the value was updated to $127,500 with a new partner buying in at $25,500). Despite his opposition, the partners voted to bring in the new member. Feeling that his interests were not being considered and that the partnership dynamic was turning sour, the speaker decided he wanted to exit the partnership.

Goal: Highlight the dispute over adding a new partner and the speaker's decision to leave the partnership.

Tools and materials

Calculator — Calculating partnership shares and values
Partnership Share N/A — Representing ownership in the airplane

What they say

(2,088 characters)

Hide

if we do the math. All right. Well, let's keep on thinking about math cuz I'm going to tell you what happened here in a second and you guys are going to you're going to be angry about it. So, the plane hasn't flown. About 2 weeks ago, maybe 3 weeks ago, I was approached by my partners that they want to bring another partner in. That's a number five in this. A number five in this airplane. Well, I bought a fourth of a share into the airplane. We determined already that the value of the plane is about $108,000, which is around $27,000. Okay? Airplanes do not depreciate unless they are not airworthy. Let's go ahead and say that. Airplanes nowadays do not depreciate. The market's a little bit soft on them right now, but if you bought a a Cessna back in 1984, it's probably worth seven times what you paid for it. If I bought into this Piper, which this is a Piper Cherokee, if I buy into this plane, um a year from now, it's going to be worth more. It's incrementally worth more. It's the only piece of equipment that I know that you can buy and it will appreciate other than a Dodge Ram Cummins uh from the early 2000s, a second gen Dodge or an old Toyota pickup or something like that. So, once again, at the moment, my market share in this is $27,000. All right. Let's just forsake that. Let's just pretend that no upgrades had happened and my my market in this thing was 22.5. Again, 22.5 * 4 $90,000. That's what I'm into um in my partnership. A fourth of a share of $90,000. Well, they want to bring in a fifth partner. Everybody wanted to bring in a fifth partner but me. I did not want to bring in a fifth partner and I just basically said at that moment I didn't want to be arguable about it. I just said, "You know, I guess that's why we have partners. We put it to a vote. You guys won the vote. If you want to bring in another partner, that's fine. I don't want to go anywhere." Now, I said that at the moment and this is this is where it gets a little iffy. I don't want to go anywhere. I don't ever see myself not being a partner in this plane. Until I start realizing

Auto-generated from the video audio.