Negotiating a buyout

[Brian Schuck]

Hi BP! This question is for my mother-in-law.  She worked at a commercial real estate company before retiring.  In 2001 they gave her a small share of a building and she's been waiting for a buyout.  Trading is done within the partnership, so there aren't many opportunities to sell.  An offer has finally come in.  After reviewing the building's appraisal and walking through a "mock sale" they determined the value of her share.  The offer was for 60% of the value.  My question is; what should we counteroffer?  We understand that the partner needs some meat on the bone.  I was thinking of countering at 80%, with the hopes of settling around 70% in the end.  Is this counteroffer too high and puts the deal at risk?