VALUATION OF DISSOCIATING MEMBERS INTEREST. If a Member wants to exit the Company, and does not have a buyer of its membership interest, the dissociating Member will assign its interest to the current Members according to the following procedures:
VALUATION OF DISSOCIATING MEMBERS INTEREST. If a Member wants to exit the Company, and does not have a buyer of its membership interest, the dissociating Member will assign its interest to the current Members according to the following procedures: A value must be placed upon this membership interest before assigned. If the dissociating Member and current Members do not agree on the value of the membership interest, the dissociating Member must pay for a certified appraiser to assess the Company’s value, and the dissociating Members’ interest will be assigned a value according to the dissociating Member’s percentage of ownership. The current Members must approve the certified appraiser used by the dissociating Member. Current Members have thirty (30) days to approve the dissociating Member’s certified appraiser from selection date of that appraiser. If current Members disapprove the certified appraiser, they must show evidence to support their disapproval of the certified appraiser as a vendor qualified to appraise the Company. Current Members may not stall the process by disapproving all certified appraisers without good faith. When a certified appraiser places a value on the Company, a value will be placed on the dissociating Member’s interest according to that Member’s membership interest. If the current Members disagree with the value placed on the dissociating Members’ interest, then the current Member(s) must pay for their own certified appraiser to value the Company and the dissociating Member’s interest according to the terms of this Section. The current Members’ appraisal must be completed within sixty (60) days of the initial appraisal or right of current Members to dispute the value of the dissociating Member’s interest expires. Upon completion of current Members’ appraisal, the dissociating Member must approve the value placed on its interest. The dissociating Member has thirty (30) days to approve this value. If the dissociating Member does not approve the current Members’ appraised value, then the value of the Company will be determined by adding both appraisers’ assessed values, then dividing that value in half.
