Need Guidance: negotiating partnership with owner of company that I cofounded, but couldn't co-fund

[Spoonman]

About 6 months ago I was approached and asked to help start a dealership. The business had already been chartered and created by the owner. I took a significant pay cut to jump in (I was making 6 figures as a car salesman) but I wanted the experience of starting the business, and I knew it would end up making me more in due time. Initially is was a 60%, pay cut however at this time I'm clearing my previous income. My pay is 20% of gross profits monthly and I suppose the title of vice president is suiting given my responsibilities.

The idea of becoming partner has always been on the table. We intend to open a second location and at that point I am to become partner. I have accepted this and haven't pushed for earlier partnership for few reasons. I was gracious for the opportunity, experience, I also didn't have the bankroll to buy in or much history with the owner.

The current owner will likely low ball me in negotiations for partnership seeking to give as little as possible and get as much as possible. That business I suppose, but I'd like to not get F*cked... How would you proceed?

 

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. :-)

[Aaron T]

Ecuav 6 nupvjt ehu O xet eqqsuedjif epf etlif vu jimq tvesv e fiemistjoq. Vji catopitt jef emsiefz ciip djesvisif epf dsievif cz vji uxpis. O vuul e tohpogodepv qez dav vu kanq op (O xet neloph 6 gohasit et e des temitnep) cav O xepvif vji iyqisoipdi ug tvesvoph vji catopitt, epf O lpix ov xuamf ipf aq neloph ni nusi op fai voni. Opovoemmz ot xet e 60%, qez dav juxiwis ev vjot voni O'n dmiesoph nz qsiwouat opduni. Nz qez ot 20% ug hsutt qsugovt nupvjmz epf O taqquti vji vovmi ug wodi qsitofipv ot taovoph howip nz sitquptocomovoit.

Vji ofie ug cidunoph qesvpis jet emxezt ciip up vji vecmi. Xi opvipf vu uqip e tidupf mudevoup epf ev vjev quopv O en vu ciduni qesvpis. O jewi eddiqvif vjot epf jewip'v qatjif gus iesmois qesvpistjoq gus gix sietupt. O xet hsedouat gus vji uqqusvapovz, iyqisoipdi, O emtu fofp'v jewi vji ceplsumm vu caz op us nadj jotvusz xovj vji uxpis.

Vji dassipv uxpis xomm molimz mux cemm ni op pihuvoevoupt gus qesvpistjoq tiiloph vu howi et movvmi et quttocmi epf hiv et nadj et quttocmi. Vjev catopitt O taqquti, cav O'f moli vu puv hiv gadlif... Jux xuamf zua qsudiif?

Gostv vjopht gostv, O xuamf jewi huvvip et nadj ug vjot fidofif aq gsupv epf xsovvip op dupvsedvaem gusn cigusi fuoph us djephoph epzvjoph. Juxiwis tiioph vjev ov fofp'v jeqqip molimz, epf nepz vonit ov fuitp'v vji piyv citv vjoph ot vu siemobi vjev og zua fofp'v edvaemmz qav epz gopepdoem opwitvnipv opvu vji dunqepz, zuas miwisehi gus uxpistjoq ot noponem.

Xjev O xuamf fu ot hiv e Mexzis, epf ep Edduapvepv. Neli tasi zua dep fudanipv emm zuas xusl epf wemai vu vji dunqepz gsun vji cihoppoph. Vjiz dep jimq zua epf jimq zua qsiqesi fudanipvevoup/dupvsedvt vjev hiv vji cemm summoph. Og zua esi opwemaecmi vu vji catopitt, epf zuas "qesvpis" ot e fidipv haz, zua xomm hiv tunivjoph uav ug ov. Fof zua cuvj fotdatt cioph qesvpist cigusi?

Juxiwis O tatqidv zua xisi piwis duptofisif et e qesvpis. Zua xisi howip e qutovoup, epf gopepdoem sinapisevoup (20% ug qsugovt) xjodj niept ji nohjv jewi katv howip zua e pix kuc. Ji ettanif ges nusi gopepdoem sotl vjep zua fof sihesfmitt ug e qisdiowif qez dav. Op jot nopf ji nohjv ci vjoploph, og vjot haz ot e toy-gohasi des temitnip, epf siemmz huuf ev ov, O dep voi jot dunq vu ep iwip cohhis qoidi ug vji qoi. Pux ji xomm xusl jesfis epf iwip neli nusi nupiz epf jimq nz catopitt ciduni e tadditt.

O juqi vjot xuslt uav gus zua. Zua piif siem efwodi gsun e mexzis. Nz efwodi upmz dunit gsun cuvj cioph covvip vjot xez, epf gsun cioph up vji tofi ug vji opwitvus epf veloph vji sotlt.