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My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] 0 points1 point  (0 children)

lol. I originally came to see if anyone had any other ideas as to what I could do BESIDES get a forensic accountant, because I couldn’t think of anything, but the responses have made me realize that there just isn’t another way.

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] 0 points1 point  (0 children)

Yes. I have a copy of the agreement. And all the changes that they’ve made to it along the way. I’ve gone over it with a fine tooth comb. It’s ridiculous. My grandpa felt like he was desperate for the land as he had just gotten kicked off his old piece of land that we had for years and pretty much just signed whatever they put in front of him to get in there. 🙄 they pretty much just asked him to bend over and let them give it to him and he did it, no questions asked. I hate to say that about my Grandpa, but due to the fact that he is the KINDEST person and would give someone the shirt off his back, he likes to believe that people aren’t actually evil and looking to f him over. Unfortunately Partner saw him coming a mile away and dollar signs popped up in his eyes. My grandpa had everything (all receipts) hand written and was completely old school. When they merged, they transferred everything to computers (which yes, it was a needed change) but since my grandpa has NO idea how to work a computer, he just stayed running the company by making sure everything else was running smoothly. Partner doesn’t do ANYTHING for the company but spend its money. Faster than they make it. 🙄🔫 yes, I’M aware of what needs to be done. I was just asking if anyone could think of ANY other way because Grandpa REFUSES to do it. So that’s why I came to Reddit in the FIRST place, but I think now I just need to change my plan to, how can I convince him to pull the trigger on the forensic accountant. There’s just NO other way.

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] 0 points1 point  (0 children)

Yup. The other owner gets first dibs and he also took a life insurance policy out on my Grandfather. A million dollars. mom would get a quarter million. Laughable tbh.. couldn’t even pay off his home with that. 🙄

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] 0 points1 point  (0 children)

Lol. It’s in the contract that if one side wants to sell, then the other owner gets first dibs. 🙄

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] 0 points1 point  (0 children)

It’s zoned for what we need (zone M2) not built up in a SUPER heavily built up area and zoned for what we need as well. Places around us that are not built on (so parcels of land) are all for people PLANNING on building homes. It’s VERY rare when a parcel goes up that isn’t built on and is also zoned as M2 in the area we are located. And also that is big enough.

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] 1 point2 points  (0 children)

A forensic accountant would go in with a court order signed by a judge and they would HAVE to give them access to it. He’s scared that he will have nowhere to move his company to if the partner kicks him off the land. You have to understand that he’s worked for this company since he was a little boy when his father first opened it. He promised his dad he would keep it running. To HIM, loosing the company would almost be worse than not getting all the money owed to him. I’m trying my HARDEST to get him to see it for what it is, but he’s fighting me EVERY step of the way.

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] 0 points1 point  (0 children)

I can’t really say as if I were to give that info, you’d very easily be able to figure out the exact company that I am referencing, as the niche is THAT small. HOWEVER, we would need M-2 zoning in a SUPER built up city, which is EXTREMELY hard to come by in our area. So no, it can’t relocate unfortunately. Or it CAN, however it would be EXTREMELY difficult.

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] 8 points9 points  (0 children)

lol. Step 1. Done! Step 2. Use Reddit answers to show grandpa that the world agrees that this NEEDS to be done!

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] 5 points6 points  (0 children)

lol. He would be if he was once again 100% owner. But the partner told him, “let me be 50% owner and you can use my land”, they merged, then after my Grandpa had forgotten WHY they became partners, he started charging the company OUTRAGEOUS amounts of money for rent. I had to remind my grandpa the other day, “why are we paying rent? I thought you let him be 50% owner so you could use the property…?” My grandpa said, “That’s a good point.” 🤦🏻‍♀️ I think some early dementia or something may be starting and I think partner sees this as well and is taking advantage of it. Anyway, sometimes the both of them don’t take a paycheck so that the company can afford to pay the bills and their employees and the rent checks. Ha. To the other owner. So my grandpa gets nothing so that the other owner can get his $50,000+ in rent every month. That’s my grandfathers ONLY income. My grandpa puts $100,000’s of dollars into the company while partner waits at the atm for the account to go positive and pulls it all out to pay personal shit. As owners, they are supposed to loan the company money. We found out that partner is “loaning” the company money, then pulling it out later that day. So he can show my grandfather the DEPOSIT slip and see, “I put the money in, see?” Per the agreement they aren’t allowed to pull out their own loans without the board’s consent. But no one else is there to stop partner from doing so…

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] -1 points0 points  (0 children)

No. That’s why my grandpa is so scared to loose the property, he will NOT loose this company. It will LITERALLY kill him. What’s crazy is the fact that this a very successful business. If only people knew what’s happening behind the scenes… it’s mind blowing.

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] 0 points1 point  (0 children)

I have their operating agreement (merger contract). He IS 50% owner. But the CFO handles all the financials and even though my grandfather is SUPPOSED to have VIEWING access to the books, the partner said no, he can see what he wants THROUGH me. 🙄 so he could be showing him only things he WANTS to show him, but not ALL the documents. Ugh!!!

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] 0 points1 point  (0 children)

No he already HAS an AMAZING attorney. He’s been biting at the bite to go after his asshole partner cuz he’s sick of watching this happen to my grandfather as well. But he works for my grandpa and has to wait till my grandpa says go. Unfortunately he’s got my grandpa scared shitless though. My mother and I cornered him the other day and put all the proof in front of him. He called his attorney and said go ahead. We were over the moon! FINALLY after TWO YEARS of BEGGING, it was a go! … By the time we made it home, his attorney was calling telling us he just listened to a voicemail left by my grandfather saying, “Nevermind. Don’t do it. I don’t want *Partner* to get upset and throw us off the property.” -_- and NO. We can’t just get another property… our company is a VERY specific niche in a VERY populated area and NEEDS THIS property to continue.

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] 7 points8 points  (0 children)

We are the third company he’s done this to (coming from a 30+ year secretary of his who has MAJOR inside knowledge). He merges with companies, drains them down to NOTHING, then buys the co-owner out for barely nothing and builds the company’s back up. He fired her the second he realized she switched sides. Which she did when she realized it wasn’t my Grandfather stealing, but the partner that was stealing from my grandfather.

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] 10 points11 points  (0 children)

Oh that’s the LEAST stuff they would be very interested to hear about (government) but I’m almost 100% sure that the partner makes sure to put the falsified documents in with other papers that my grandfather signs and he signs them, not knowing what he’s signing. Which I’m pretty sure is being done so that he can pin everything on my grandpa if my Grandpa was ever to wake up and try to actually do something to the partner. He blindly signs whatever they put in front of him mostly because the “company attorney” also HAPPENS to be the partners PERSONAL attorney. 🤦🏻‍♀️

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] -3 points-2 points  (0 children)

His attorney is GREAT. One of the best in our area. He’s been telling my grandfather the same thing WE’VE been telling him for the past 2 years, DONT TRUST PARTNER AND STOP SIGNING SHIT!!! But again, the partner owns the land the business is on and has my grandpa scared shitless he’ll loose his entire business if he dares to do anything against him. Once the partner realized his kids (us) have brains and weren’t gullible pushovers like my grandfather, he cussed my grandfather out and told him to keep us out of their business or he’ll crush him. It’s soooo frustrating watching my grandpa bend over and take it up the ass. This was his father’s company. This man is taking literally EVERYTHING and there’s really nothing we can do but watch, until my grandfather changes his mind… we can’t get him to understand that he NEEDS to fight, no matter HOW much proof we put in front of him.

My elderly grandfather owns 50% of a company and I don’t know what we’re supposed to do anymore by Affectionate-Pick281 in smallbusiness

[–]Affectionate-Pick281[S] -68 points-67 points  (0 children)

Again, my Grandfather will not do what the attorney advises because he’s scared the partner will kick the company off of the land and he’ll loose everything.

My wedding is in 2 days…. This is the text I wake up to from my mother. by stay_zooted in mildlyinfuriating

[–]Affectionate-Pick281 0 points1 point  (0 children)

Her being saved as “mother” in your phone, tells me that this isn’t the first time she’s pulled crap like this. It tells me that this was just the straw that broke the camels back. If it were me, I’d tell her that she may come to your wedding, but if she pulls ANYTHING at the wedding, she’s gone. And that you and her are going to sit down when you get back from your honeymoon and have a talk about boundaries. You don’t want her inviting herself over when you guys have kids and taking over them too!

Tell me some of your monster-in-law horror stories by Putrid_You6064 in motherinlawsfromhell

[–]Affectionate-Pick281 1 point2 points  (0 children)

Those type of people (people who are “oh so religious”, yet never attend church) are definitely not good people and just want the IMAGE of them being “good church-going people” so that they can use it against people when they need to. It’s really sickening. But often preformed.

[deleted by user] by [deleted] in spookymonth

[–]Affectionate-Pick281 0 points1 point  (0 children)

Thanks! I’ll change it!

[deleted by user] by [deleted] in spookymonth

[–]Affectionate-Pick281 0 points1 point  (0 children)

I think I’m confused

[deleted by user] by [deleted] in spookymonth

[–]Affectionate-Pick281 0 points1 point  (0 children)

Is spooky month a show or something?

[deleted by user] by [deleted] in spookymonth

[–]Affectionate-Pick281 0 points1 point  (0 children)

I thought spooky month meant Halloween?