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
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
