Princessvail:
Sorry to hear about your current partner problems.
There are different calculations used for estimating an appropriate sale price for a business, and can vary by industry.
What does the sale price include?
Does it include the business name, storefront and online business?
Does it include all inventory, equipment, fixtures, and furniture in the store?
Does it include a non-compete clause for a defined period of time and region?
How does it handle current liabilities, debts and contracts (with landlord, customers and vendors, if any)?
Is there discretionary income not included in your profit stated in your post? For example, did the business pay for a salary, insurance, personal cell phones, car maintenance, meals, entertainment expenses, etc... for the partners in addition to the $11k profit you mention? If so, then this can be viewed as additional profit for the remaining owner.
Unfortunately, based upon the information that you have in your original post, I don't know that other community members can give you an appropriate number. It may take a lawyer, business broker and / or other professionals to review your books and determine a proper business valuation.
If you decide to settle this on your own with your partner, I highly recommend you include well defined language as to what the sale price includes (i.e. debts, contracts, a non-compete clause if you choose, business name(s), trademarks, web address(es), inventory, furniture, fixtures and equipment list, etc...).
Hope this helps.
Doug Dolan
The Solopreneur's Guide
http://thesologuide.com/
