I have a business which has recently done $400,000 in total sales over last two years. Last month I got the business to a record $50,000 in total sales. Net profit is about 40%.
So I have partners with my brother for those last two years and we have reached our end. It is really hurting my family. It is also hurting my happiness and my motivation to go on with this business.
Without going to much into the details, here is the current status.
I own 60% of the business and he owns 40%. I asked him to get involved with me as he had no prior experience and I had two years of experience and successful businesses under my belt.
I am working on the business full time. He is working on it zero. This is how it has been for the last 3 months.
I cannot grow the business knowing that I will have to give 40% to him every month. That doesn't help the business and I do not think it is fair to give 40% to someone who isn't working.
However, we cannot work together. So the best option is to buy him out before this gets worse.
I have tried offering him money and asking how much money but at this point he only wants his 40% every month for doing nothing. Vindictive? I think so but regardless I cannot do that. That is 40% being siphoned from the business.
I Offered to give him x amount of money and lower it down to 10-15%. He says he only wants 40% again. For doing nothing.
I understand he put time into the business but how can I be willing to give up 40% to him while he is not involved?
At this point he says the only other option is to dissolve the business and go seperate ways. Dissolving the business would mean dissolving a website that has done $400,000 in sales in the last two years, which $300,000 of that has been this year and is growing substantially (ever since I took it over).
It is very sad that you see people get like this. I even offered him to buy me out. I just don't want to hurt my mom and dad anymore. My relationship with him is ruined of course but I want to saver anything from this.
Please spare the "you should never partner with your family" BS. Trust me, I think I understand that part by now.
Positive advice welcomed.
Thanks
So I have partners with my brother for those last two years and we have reached our end. It is really hurting my family. It is also hurting my happiness and my motivation to go on with this business.
Without going to much into the details, here is the current status.
I own 60% of the business and he owns 40%. I asked him to get involved with me as he had no prior experience and I had two years of experience and successful businesses under my belt.
I am working on the business full time. He is working on it zero. This is how it has been for the last 3 months.
I cannot grow the business knowing that I will have to give 40% to him every month. That doesn't help the business and I do not think it is fair to give 40% to someone who isn't working.
However, we cannot work together. So the best option is to buy him out before this gets worse.
I have tried offering him money and asking how much money but at this point he only wants his 40% every month for doing nothing. Vindictive? I think so but regardless I cannot do that. That is 40% being siphoned from the business.
I Offered to give him x amount of money and lower it down to 10-15%. He says he only wants 40% again. For doing nothing.
I understand he put time into the business but how can I be willing to give up 40% to him while he is not involved?
At this point he says the only other option is to dissolve the business and go seperate ways. Dissolving the business would mean dissolving a website that has done $400,000 in sales in the last two years, which $300,000 of that has been this year and is growing substantially (ever since I took it over).
It is very sad that you see people get like this. I even offered him to buy me out. I just don't want to hurt my mom and dad anymore. My relationship with him is ruined of course but I want to saver anything from this.
Please spare the "you should never partner with your family" BS. Trust me, I think I understand that part by now.
Positive advice welcomed.
Thanks
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