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Business Advice

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gnasha:
sounds like he has relised its going to make money and wants it all for himself and usual story not what u no but who u no and if he wants to buy u out half of what it is all worth now is is what u should be getting

Wireless:
So if you're the technical expert, how will he manage that side of the business on his own?  Sounds like you have more to offer than he cares to admit.

He's got no justification in wanting to get rid of you, since a division of profits based on hours worked, plus interest on his loan to the business, plus charging the business for supplying an office, would be the fairest solution.

Obviously, he feels the business is going to take off in a big way, and wants it all for himself, so you have to take a step back and decide if you really want to work with someone trying to screw you out of the future.

It's a shame you have no written agreement, which weakens your case, but if it were me, I'd take the money from his buy out, and then offer to go self-employed as a technical consultant to his business, while sorting something else out.

Consultancy is big money, much better than being an employee, since you're still your own boss, will be able to manage your own time, and can quote for work outside of the business.

You might even find that your technical consultancy will over time base more of it's work outside of his business than inside, which makes you independent, and less likely to be affected by his business failing.

You certainly cannot carry on as things are, bite the bullet.

BigSi:
Thanks for all your replies.

We have come to an agreement that like V8moneypit mentioned, where we split the profits to reflect the amount of work done. He will obviously get a bigger percentage for the extra work done, and I still remain a partner. An agreement which sorts out all our problems and are both are happy with.

Like all new businesses, there are always hick-cups!  :D  :D  :D  :D

V8MoneyPit:
Glad you found common ground. And happy I could be of help.  :D

You should really get a formal partnership agreement written up. It may be a requirement if you ever need a bank loan or apply for a grant.

May I ask what sort of business you are in?

BigSi:
It’s a small electrical contracting business. We both worked for the same employer, and later decided that we could offer a better service ourselves, so the company was born.

Its great not having a boss, when the weathers nice….go to the beach!!!!  :D  :D  :D  :D

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