I Hear You, BUT....

Trust me I know what your saying to be very true! In fact, I really dont want to go into business with anyone, because I have been through and seen so much crap when it comes to that. Hell, I dont want even want to be legally married or fenced in by another person. I like the freedom to do my own thing whenever I want! BUT....

My dad has pushed this, and he is the one that is going to sell it, which makes the profit. So what I have decided to do is legally structure it where I own 60% and he own's 40%. Because he has bad credit and does not know how to handle money, I will have it legally written in our agreement nothing will be in his name, everything will be in mine. He will not have access to any funds, any bank accounts, he wont be able to buy anything on the company. I am just going to write him a check every month for what percentage wise is his and he can do whatever he wants with his own money. I think this maybe something along the lines of a silent partner. Basically, he cant make any decisions, however if the company were to be sold then he would get 40% of the profits, which I would give him 50%. He has zero business sense and sometimes doesnt make good choices, so I cant have the consequences of those choices destroy my business. I figure as long as I just write him checks for money he has earned it should be good.

When I told him this he flipped out. He said he wasnt going to do it. I said o.k. then he changed his mind and said he would. I told him if he was good for 36 months and didnt have ANY crisis, and did not bounce any checks in his personal bank account and could be a "good citizen" I would consider a different arrangement. See, I know all about being the parent and him being the child!

Chat with you soon!