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Mom Confessions Mom Confessions

Remain an employee or jump at the opportunity to become partner?

Posted by on Jul. 21, 2013 at 11:22 AM
  • 50 Replies
Here's the deal:
Dh found his dream job in April. It hasn't been very good pay because the company was just starting out. He's the only employee left.
There were two owners, one owns another company and is in trouble with the IRS so he decided he's out, he doesn't want to be part of this business anymore. He told his partner that he thinks they should give his 10% of the company to dh (right now dh gets commission, 40% of the jobs goes into his pocket). That would give dh 50% total.
Business is picking up. It's getting to the point they are packed most every day, they are about tosign 2 contracts with 2 different car dealerships, plus they just landed a contract with a semi dealership aand a bank.
If he remains an employee he has little to no say in what the company does. Right now he has the only contact for the company (the only phone is his), he drives the company truck as a daily driver, he schedules the appointments, gets the customers, he IS the face of the company. When the radio stations do live broadcasts they want dh there, not the owner of the company.
Everyone that does business with them knows it's dh, no one else.
Anyways, if he were to become partner he would be able to get a higher %, have a day in the company, etc.
If he remains an employee he didn't BUT he is guaranteed pay, as a partner he's not because if the company doesn't make money, there's no profit to split.
Dh wants to add some services to the company eventually (it's a mobile detail company, he makes every car look like it just left the showroom floor). Dh wants to add mobile oil changes and mobile brake changes.
The owner wants to talk to dh today, we think he wants to offer post ownership to the company. This includes no money from us being put in since well, we're broke lol.

Anyways, wwyd?
by on Jul. 21, 2013 at 11:22 AM
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Replies (1-10):
NewInChrist
by on Jul. 21, 2013 at 11:24 AM
*part ownership, not post*


Stupid phone
My4Kidds
by Silver Member on Jul. 21, 2013 at 11:26 AM

 um, i think he should jump on that!

quickbooksworm
by Ruby Member on Jul. 21, 2013 at 11:26 AM
I think he needs to see a profit and loss as well as a balance sheet. If the other owners are taking a draw, there is no reason he shouldn't as a partner. if he is expected to not take any money except random draws, he should get a higher percentage of the company and what he is jot taken as a salary should be considered his investment.
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BluePandaDreams
by on Jul. 21, 2013 at 11:29 AM
I would go for it. Owning a business has its' risks and gambles, but it still is better than being an employee.
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blessed107
by Ruby Member on Jul. 21, 2013 at 11:31 AM

Didn't you just have a problem with him doing his job the other day?

NewInChrist
by on Jul. 21, 2013 at 11:32 AM
That's the thing: dh handles the billing as well. The other guy is simply the money man, he put the money into opening the business. He told dh and me yesterday that he doesn't need this for income, is all extra to him.
Last week the company profited $700 but it was a slow week.


Quoting quickbooksworm:

I think he needs to see a profit and loss as well as a balance sheet. If the other owners are taking a draw, there is no reason he shouldn't as a partner. if he is expected to not take any money except random draws, he should get a higher percentage of the company and what he is jot taken as a salary should be considered his investment.

MichLW69
by PackersXLV4 on Jul. 21, 2013 at 11:32 AM

*anyway

Why is it even a question? Of course he should become a partner and not remain an employee.

3gr8tKids
by Gold Member on Jul. 21, 2013 at 11:33 AM

WOW, that took a lot to follow. It wasnt clear what was being said until the end. Do you have a job? Dont you need income? If you need the income he becomes a partner and doesnt draw a salary  how will you live?

NewInChrist
by on Jul. 21, 2013 at 11:33 AM
Yes but we went yesterday. It wasn't at ask what I expected. That's also why I'm saying he would have a say in the events they attend.


Quoting blessed107:

Didn't you just have a problem with him doing his job the other day?


tifferie
by A$$tastic on Jul. 21, 2013 at 11:35 AM
I would set up a rainy day fund so you have savings in case something happens. After you have the twins I would recommend getting some kind of job to pad that fund.
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