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It can be frustrating not only in the business capacity but on the emotional level as well realising that when you started a business with someone you trusted and all of a sudden they wish to take over what is equally and rightfully yours. You mention that you do want to consider a buy one but the offer has to be decent and reasonable.
Without knowing full facts regarding the business and the offer made, it is very difficult to determine the appropriate split.
Further, goodwill of a business is a significant intangible asset that signifies a large portion of the value of the business and must be taken into account at the time of business division. Further, for many businesses, the goodwill value can be greater than the value of physical assets of the business.
Mr JamesMillar correctly mentions the point regarding the director duties. The Federal Court of Australia in Bayley & Associates Pty Ltd v DBR Australia Pty Ltd  FCA 1341, found that a former executive breached his fiduciary duty by actively diverting business away, directing clients to his own business etc.
We would need more facts regarding the business and the communication by your business partner to ascertain if the offer made is fair and reasonable in the circumstances.
This information is of a general nature only and it is not, nor is intended to be, legal advice. If you wish to take any action based on the content of this publication, we recommend that you seek professional legal advice. You can contact AMK Law directly by telephone on (03) 8564 8474 or by email email@example.com.