Buying out a business partner

[Alexander Storer]

Hello all,

I wanted to ask the BP community for best practices when buying out a business partner. We've held the investment for a little over two years, and if possible, my business partner would like to be bought out (it's a 3-unit multi-family in Chicago if that's helpful). How should we go about valuing the house, taking into account transaction costs, discounts for lack of marketability, liquidity, etc. Any advice is welcome!

Thanks in advance!

Alex