$400,000 Business, Need To Dissolve Business Partnership With My Brother

[drilonnn]

My opinion would be to sell the 60% to somebody else, who will be the new boss of your brother and not related to him so he will be more strict with him which would make your brother to sell the 40% and then you come in and buy the business again, because the new owner wont know how to run it and will go bankrupt, so you will buy it cheaper. But first choose to whom you will sell the 60%, don't sell it to a smart guy, sell it to a spoiled-rich-kid-with-daddys-money.

 

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[Dan Da Man]

Hey guys! Thanks for all that chimed in here. It really helped me to realize the options that I have.

It has been a real pain for myself and for my family. I have tried every direction to work with him but he is still hurt. I am working on trying to remove the emotions from the business as it seems to be tied in with the business itself.

I thought about just paying myself 100% salary but in the end I think that would hurt our relationship with my entire family My dad has cancer btw, which I dont know how long he even has and I wouldnt want the last of his years to be hurt by this because he is very tired of it as well.

The other side is that I have invested every dime and every ounce of energy to get to this point. I have failed so many times and lost so much money that it is so hard for me to throw this away. Especially when I could be enjoying the life I have dreamt of, but of course that would come with a cost. So would I even be enjoying it knowing that my family relationship is ruined?

So, I finally got him talking and I am working on giving him 15% of the business and he walks away to start something else and whatever he created I get 15% of that. Not the best ideal solution but I can be okay with that.

My motivation has suffered. My drive has suffered. My quality of life has suffered.

To all of those who are struggling. This is what it takes. I have gone through this type of shit from the start. Nothing was given and nothing was easy. I taught myself everything and even when you think you are right there, something else just hits you. Sometimes you really need to put your hand on the stove to really learn not to put your hand on the stove.

Learn to take any punch and keep moving forward. Even if I had this business ripped from my arms (which at this point I dont think it will come to that), I know 100% that I will keep going. Never loose faith and never let anything stop you from getting what you are worth.

I think this is when truly know that you are close to success. THe last stretch is the hardest. Hopefully none of you have to go through this.

I learned my lessons. Never partner with your family EVER! Never partner with anyone for that matter.

Thanks guys

BTW, @MJ DeMarco I emailed you about 2 years ago. I forget exactly what you said but it really helped me push through the hard times. I hope one day I can give back and help people as you did for me.

 

[Dan Da Man]

Dan, I'm sorry to hear of such turmoil.

I truly hope you can find a scenario with which to properly leave all parties satisfied, and not lose a brotherly bond. Although if your success continues, as I am sure it will, you may forevermore have to contend with your brothers envy and own insecurities.

Perhaps if time is on your side, educate yourself as best as possible in human psychology and negotiation. 48 Laws of power etc...an idea may spark when new concepts from such studies are internalized. Also, get a really good lawyer!

Thanks man. Appreciate your sincere words.

 

[ljb7]

Hey guys! Thanks for all that chimed in here. It really helped me to realize the options that I have.

It has been a real pain for myself and for my family. I have tried every direction to work with him but he is still hurt. I am working on trying to remove the emotions from the business as it seems to be tied in with the business itself.

I thought about just paying myself 100% salary but in the end I think that would hurt our relationship with my entire family My dad has cancer btw, which I dont know how long he even has and I wouldnt want the last of his years to be hurt by this because he is very tired of it as well.

The other side is that I have invested every dime and every ounce of energy to get to this point. I have failed so many times and lost so much money that it is so hard for me to throw this away. Especially when I could be enjoying the life I have dreamt of, but of course that would come with a cost. So would I even be enjoying it knowing that my family relationship is ruined?

So, I finally got him talking and I am working on giving him 15% of the business and he walks away to start something else and whatever he created I get 15% of that. Not the best ideal solution but I can be okay with that.

My motivation has suffered. My drive has suffered. My quality of life has suffered.

To all of those who are struggling. This is what it takes. I have gone through this type of shit from the start. Nothing was given and nothing was easy. I taught myself everything and even when you think you are right there, something else just hits you. Sometimes you really need to put your hand on the stove to really learn not to put your hand on the stove.

Learn to take any punch and keep moving forward. Even if I had this business ripped from my arms (which at this point I dont think it will come to that), I know 100% that I will keep going. Never loose faith and never let anything stop you from getting what you are worth.

I think this is when truly know that you are close to success. THe last stretch is the hardest. Hopefully none of you have to go through this.

I learned my lessons. Never partner with your family EVER! Never partner with anyone for that matter.

Thanks guys

BTW, @MJ DeMarco I emailed you about 2 years ago. I forget exactly what you said but it really helped me push through the hard times. I hope one day I can give back and help people as you did for me.

I admire your attitude. You are in a dire situation but you're making the most that you can out of it... it's what I love about some people on this forum - true Fastlane mentality, no 'why me?' victim mentality.

I'm glad you seem to have managed to work out a much better deal than you originally had even two days ago. And like others have said before, brotherly bonds are important... I've got two brothers my self. The way you've taken this proves not only do you persevere when times are tough, but you also do it in a the most diplomatic way you can.

+Rep

 

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[tafy]

I still wouldnt pay him monthly though

If hes going to have 15% make sure its at end of tax year and its on net profits after taxes and wages. Make sure to pay yourself a normal salary also.

Good luck

 

[S&P]

Never partner with anyone for that matter.

Why?

Anyone here care to give their take on this?

 

[Blackadder]

Why?

Anyone here care to give their take on this?

Its all about control, if I own 100%...then my word is law, my opinions are the only ones that count, and my say is final.

with partners you are either the lazy one or the over worked one....and either you have to be dragged or feel like your coddling someone...

and when your liquidation event happens, whether or not to take it is your decision alone....you don't have to feel like you got cheated, or that you have to beg and pleaded with your partner to sell or not sell


if 100% of the company is yours, you are free to join in combined businesses with others as long as your primary stays yours alone.

 

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[Kid Money]

I went through this SAME EXACT scenario with my brother. We were doing to the tune of about 60-70k a month and I literally was doing 75 percent of the work and had 5 years experience. My brother had 50 percent and I did also. I am a very highly motivated person, always thinking ahead and preparing myself for the situations that would come. I was losing a TON of motivation and wasn't like myself. I had angry thoughts because I thought "how could I help someone make so much money and them not even be motivated" or "How can someone who has never made over $1000 week not be motivated even though he just made $8000 this week". It was a hard decision BUT that's where a good businessman excels--smart, educated, stone cold decisions! I looked at it like he made his own decision to not be motivated and work his a** off like me and I was pulling all of the weight. So my decision one day after an argument I said F%$# it! I had done it before, built this business, and ill do it again. I did not want to pull any fast ones or be shady. That is not who I am and he is my brother. I dissolved our LLC and we split everything. I then bought everything from him. I started a new business and within 2 months I was grazing almost six figures a month. My fire was lit so f****** bright that nobody could stop me. I was 10 times more motivated than before. We just had thanksgiving dinner together with the entire family and we're still brothers. I would say for you to do three things. 1-Dissolve the business and start your own (let him starve himself) 2-By all means keep your brother on decent terms even if it takes a few months to talk 3-Take on the world and find motivation. Don't talk about your business to him, let your business do the talking and teach him a lesson. I know I did. Cheers!