[asphaltgambler]

To answer: The agreement states very simply that in exchange for hard work and dedication I will receive 10% ownership / 10% net profit each year I am there. for a total of 49% by the end of the fifth. It does not specify partnership or other-wise

Seven years ago he bought the business for $450k which was generating $1.1 million in total sales - @$190K net profit.

My first year in tenure $665K gross sales and $5k negative. There are many reasons for the decline, mostly mis-managemnt. theft, poor customer retention, etc

When we were in "discussions" he valued the business at @$300K based on sales of that year. I did not look at the books. I did ask his 'accountant' - turned out he was banging her - I did not know it at the time.

Only well after working here that I was able to pull out of him that he owes almost $250K to his family for purchase of the business - there is no direct connection from that debt directly to the business.

He smoked a $60K credit line to start a sales outlet up the street but it failed......which by the way he didn't legally seperate the two so that debt is upon the current business