Out of a team of three, two of us have decided that we need to part ways with the third partner. We want to buy her out, but we are struggling to value our venture and, therefore, don't have a clue as to what to offer. The venture is a website that is not yet live (planned for end of September) and we haven't even considered what the revenue model will be. To further complicate things, we haven't yet signed an Operating Agreement, but we are willing to honor what we agreed to orally.
The question is this: how do we value this company? The site isn't live (and therefore has no content) and has no revenue model. Is it even possible that it's worth more than $0? Should we just pay this partner for their time spent and/or what she produced?
For added background, this is a follow up to this post.
I'm looking forward to hearing your answers!