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Trevor wrote:Any bets on how long the proceeds for the tractor sale will remain unmolested in the joint account? Anyone?
capslock wrote:there is a lot going on in your posts cuzz. I get the feeling that finances aren't your strong suit. focusing on liquidating personal belongings is not a really solid financial plan. I predict a short term "windfall" followed by rough times.
The sales of all this misc stuff is pocket change and I was only liquidating because its going to have to be sold eventually.. And the longer I wait to sel this stuff, the longer I wil be here
I seriously doubt your wife and her family of employees feel the need to give you 20% of the company and health insurance for you to answer phones while watching WWE. Something tells me your wife is the brains of this operation. IF and that's a big IF you walk away with an interest in the company I feel pretty confident that your wife will pay herself and her family salaries that will put your 20% profit sharing somewhere around $1 a year.
Your not even close.. They would easily pay me 20% because they dont know how to run it by themsleves and cant.. I created the business from sctatch..I own my own "brand" of sporting goods that I supply to major chain stores and we offer lifetime warranties and tech support.. I created the brand name and own it and NJ just packs the orders and does the accounting, which I still over-see to make sure it being done right.. Its now so big i cant buy it, run it, and try to train employees, all at the same time.. However, she has everything in plce here already accept the main person that knows everything (me), which means I could easily get pad for watching WWE and would only need to offer some phone support ocassionally
If this was not the case, you would have attorneys working for you. You paid a retainer and haven't heard from your attorney since the first meeting? This isn't how it works amigo. Successful people don't thrill in selling used miscellaneous items as a means of a financial windfall. They see it as a loss selling for pennies on the dollar. As mentioned above, I dont need the money from the sales, I just want to move it now, instead of having to do it later and being stuck here until it does sell
I will further speculate that it was your wife's family's business. If not, you were a fool for hiring only your wife's family. I didnt have much of a choice and I pay these guys peanuts and work them part-time and dont have to worry about them quiting either. I couldnt do this with regular workers..
Good luck Cuzz.
Bubba Seal wrote:Im not gonna bash you, sounds like you have your plan and its moving along, just slower than you want.
On keeping the stock in the company, my ex owned a portion of my business, I bought her out, it just looked to complicated having her involved in any way, but thats just me, Im sure you have reasons to keep your hand in the door. Just from a 3rd person point of view if you only own 20% and she owns 80%, you would just be a minority shareholder, if thats all you can get you may just want her to buy you out of all your shares, maybe make it a payment plan and figure a little interest on it. If I were going to stay in a business with my ex I would have to keep 50% of the stock, that way you have to agree on how money is dispersed, with anything less I dont know if longterm you have any control, also you mention she needs your expertise to run it.
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