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Ah, the old "% of net profit" trap.
I don't really understand your facts, though.
It sounds like he wanted you to pay "buy in" money ($140K), but ultimately you negotiated a deal where you didn't pay any "buy in" money.
And, "10% ownership/net profit" isn't clear. Were you supposed to be paid 10% of the net profit, or were you supposed to be given an equity interest in the business?
But ultimately it sounds like you believe under your agreement you will have a 20% equity interest in the business.
Can you post a copy of the agreement, or type in exactly what it says? That would help to give an idea.
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