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ARTICLE · 29 OCTOBER 2010

The Buy-Sell Shotgun

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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The buy-sell shotgun is based upon a very simple principle – a joint venture participant should be willing to sell its interest in the project at the same per unit price that it would be willing to buy a similar interest from its fellow joint venture participant.

CanadaReal Estate and Construction
Jeffrey Merrick
Jeffrey Merrick
Garth Anderson
Garth Anderson
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Copyright 2010, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Real Estate Joint Ventures, October 2010

The buy-sell shotgun is based upon a very simple principle – a joint venture participant should be willing to sell its interest in the project at the same per unit price that it would be willing to buy a similar interest from its fellow joint venture participant. It is very much like two brothers trying to agree on how to divide up the last piece of pie left over from the prior night's dinner. One brother says: "You divide and I'll choose". There is nothing quite like that rule to discipline the brother who is cutting the pie to be as fair as possible, as he does not know which of the two slices his brother will select.

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