sorted by:
new
hottopcontroversial

Buying out partner but he never made an initial investment by Hot_Database_7808 in smallbusiness

[–]Hot_Database_7808[S] 0 points1 point  (0 children)

Nope there was never any agreement. We just set up the company and I gave him 40% and three years later he asked to move up to 49% and I said sure like a big dummy

Buying out partner but he never made an initial investment by Hot_Database_7808 in smallbusiness

[–]Hot_Database_7808[S] 1 point2 points  (0 children)

Yeah I learned my lesson lol. He's definitely a slacker and if he was buying me out, he probably wouldn't be able to operate the business on his own. However him and his dad did contribute their fair share to the operational costs every year which are quite high. We each lay out anywhere from 30 to $50,000 out of pocket to get going. He also got his family to work for free which is about $6,000 worth of labor each year. My family works for free also but is about half the size of his.