............. Need some real qualified advice on this matter. Readers Digest version:
Small Auto repair business in Va. - sole proprietor / owner hires me as a shop foreman/manager/tech in July '08 - with the idea that he also is willing to sell a portion to me at a discount.
He had his @ss in a bind and to some degree admited it. As a veteran of the auto business I recognized that there wasn't one aspect of his business that did not need guidance.
He offered X amount per job + X amount per shop total, X amount of new clients that I brought in, etc, etc. He also wanted about $140 large for an equal share. No way was I buying that crap and in a nice way told him as much.
I counter-offered with no money upfront, and "gave back" the top tier of his offer in exchange for 10% ownership/net profit for each year that I work for up to 49% at the end of the fifth year. It would also exclude me from any debt he or the shop was or had accrued.
He aggreed and we composed a simple document that says exactly that and had it notorized. He has since come down with amneisha (sp?)
At the time of negotiation He forgot to tell me that there was so little net profit the he could/does not pay himself a salary - He skims about $250 a week off the top.
On the profit/loss statement he has decided to pay himself a salary just past the net income so that there is 'negative' profit. OK so he got me.
THE QUESTION IS: Can I force him to buy me out? If I leave can I file judgement against the business to protect myself from a future sale of the business w/o me being aware ? This July my will be the second year anniversary.= 20%
