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Old 03-11-2013, 04:59 PM   #61
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Milton--a family illness took that inheritance about 20 years ago--i led with that statement. My fathers illnees went through hundreds of thousands of dollars in medical bills and bad decisions. So yes, when I was in my 20's i thought i would be an ER--i fact as a teenager i knew that I did not want to work until i was 65. but that pipe dream died a long time ago. I have worked daily since I was 16. Not high paying jobs, but I was never povery sticken. things were usually TIGHT and even when the company started, I did not trust the cash coming in. I thought it would dry up along with our contracts at any time.

I thought coming here, to this board was a better late than never thing to do. But you call me a troll. Nice welcome. I am BURNED OUT and I came here to see if I was alone, if anyone else had a business where they shouldered the responsibily of a company, while the partners who were there to start it, slacked off.
There was some band memeber I heard recently say something to the extent that when a band is starting out and they are all broke, nothing can tear them apart, however when there is a lot of money involved, you can breakthe same band apart with a butter knife.

In a way, that is what i was trying to do--just keep the band together, not claim more importance than the others and cause friction ( have mentioned that we were freinds, correct?) This is where it has got me. I have learned a lot along the way (re: never do this again) and learned a lot more in the last day here.
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Old 03-11-2013, 04:59 PM   #62
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Late to the party but perhaps that is just as well. You're the face of the company and putting in much more effort than your partners, and basically you split things equally other than the additional $40k of salary that you get. Sounds outrageous to me. Your partners are taking advantage of you and you are letting them do it.

I agree with others that you should consult with a lawyer to see what can be done now or at times in the future. You will only get what you insist on and you need to be willing to walk and start out on your own if they won't be reasonable.

No matter what find a high deductible health insurance plan ASAP for DH so if something happens to him it won't wipe out your family's finances.
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Old 03-11-2013, 05:21 PM   #63
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I thought coming here, to this board was a better late than never thing to do. But you call me a troll. Nice welcome.
You seem quick to take offence and infer things that haven't actually been said. That doesn't bother me - it's only an on-line discussion board - but perhaps this tendency is what is holding you back from engaging constructively with your partners and working towards some sort of resolution.

I'd suggest that some honest dialogue would be worth a try before "lawyering up".
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Old 03-11-2013, 05:23 PM   #64
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+1. Either that or this entire thread is a troll.

If the o/p is in fact the outside face and active manager of the company, it doesn't seem plausible that she would tolerate being pushed around by absentee silent partners.

I also don't understand how a person with a relatively high income would have such low savings. Or how the o/p can confirm that the business is a C-corp and then a couple of posts later say that it is an S-corp: it can't be both.

If the o/p is on the level, I suggest that she review the corporate documents to see if they include a shotgun clause. The latter would allow her to buy out her partners, or trigger a buyout at that same price. Personally I suspect that the value of the business is quite low, as it seems to be little more than a personal services business operated by the o/p, with little or no significant goodwill or hard assets.
you did not call me a troll here?
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Old 03-11-2013, 05:30 PM   #65
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I'm not up for an argument. My posts speak for themselves.

If my past suggestions don't assist you, feel free to ignore them. I have no skin in the game, and will not be commenting further.
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Old 03-11-2013, 05:39 PM   #66
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Thank you and thank you to all of the info I have recieved on this thread.. thorugh the ups and downs, the twists and turns, the name calling such that i am weak, i am too nice, I am a pushover I am defensive--amaybe I am all of these and maybe I am much more.

I am stressed to the gills and I am sorry in a way that I dumped all of my problems on you. In doing that however, instead of just laying out my financial stats, I have recieved much more input than "you cannot retire in two years" Instead, I got a few nice plans of action which I appreciate. I am already trying to track down all of the paperwork from the company, in my posession and not in my possesion and that's at least, a start.
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Old 03-11-2013, 06:08 PM   #67
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As I move up the Corporate Ladder, I've had to take a long hard look at my work-life-balance. I had the opportunity to attend one of Dave Schrader's Leadership courses which discussed work-life-balance in detail. It was a real eye opener for me. If you're feeling overworked, and stressed, you might want to consider looking into this. One of the books we had to read, which I'd recommend, was called:

The Power of Full Engagement: Managing Energy, Not Time, Is the Key to High Performance and Personal Renewal

Jim Loehr (Author), Tony Schwartz (Author)
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Old 03-11-2013, 08:32 PM   #68
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In a way, that is what i was trying to do--just keep the band together, not claim more importance than the others and cause friction ( have mentioned that we were freinds, correct?) This is where it has got me. I have learned a lot along the way (re: never do this again) and learned a lot more in the last day here.
ready: I know you are keeping the details of your business private. That's fine.

The funny thing is as you've been describing things, I figured you might actually be in a band. Your dysfunctional arrangement with your former friends/partners sounds like so many rock bands.

No good information here in my post, just an observation. Sounds like your business isn't a band... But man, you sound like one.
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Old 03-11-2013, 08:41 PM   #69
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RY, ignore Milton. [mod edit]

I think you know what you have to do:

- get health insurance for your DW
- consult a good lawyer
- use your inherent leverage with your partners to extract cash and work out an exit strategy
- Clean up your affairs to reduce stress (sell rental properties)

I would add one more suggestion: I think you would benefit from some time with a counselor. You obviously have an overload of stress and are going through a big transition and you need someone (other than the likes of Milton) to talk to.

Good luck!
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Old 03-11-2013, 08:57 PM   #70
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Quote:
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+1. Either that or this entire thread is a troll.
you did not call me a troll here?
ready yesterday - please realize that many of the FIRE or near FIRE people on this forum got to this state by being skeptical. Don't take any offense, it just comes with the territory.

Your story is unusual, and I'll admit it smelled a little funny to me, but seeing your follow up posts, I have no doubt you are legit.

But don't dismiss what Milton has to say. I think maybe he isn't fully grasping that someone can be very good at a task, but (as you have acknowledged), be very bad at the business end in some ways. I think that is not uncommon at all.

Regarding not being able to take more than two weeks vacation - I'm guessing that since you say you are the 'face' of the company, that you need to be there for the place to run, and if you take 6 weeks, they would have to lay the other workers off for those added 4 weeks? I can see how that would be a problem.

But as others have said - what would they do if you needed to take a month or more off? Health issue, personal issue? It does seem odd that they would allow themselves to be open to this risk. I think that is a clue as to how to move forward.

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RY, ignore Milton.
See, so many differing opinions here! Take it all in, use what is helpful.

Good luck - ERD50
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Old 03-11-2013, 09:21 PM   #71
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Wish I knew how to do the multi quote thing, but <grin> don't need to put one more thing on my plate. Obviously--lol

Joe, if i sang for you you would realize that we are not a band, but we are as disfunctional as one, for sure.

and ERD that is exactly the point that I have taken so long to make, I am VERY good at my task (my job) and have let others work the business end because I have never been a business person.

And ERD yes, the company has run without me on vacation and of course on sick days, but a long or short sabbatical, I am sure that my own company and our contractors would be very very unhappy. I think i would also be in breech of contract with many of them. I have two years to figure it out.

But, Van Halen survived without David Lee Roth. ) Maybe anything is possible.
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Old 03-11-2013, 10:00 PM   #72
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Good luck, R-Y. The thing I sense from your posts is that you are focused on urgent matters, but put off matters that are important but non-urgent, - things involving admin and long term planning work. Maybe some time management materials would be helpful? Brian Tracy has a book called Eat That Frog, where he recommends people tackle the most important but probably least enjoyable tasks first each day and get them out of the way. You could set aside an hour or two each day first thing and work down a prioritized lists of things you know now you need to do: health insurance for DH, a more equitable partnership agreement, your personal retirement plan / spreadsheet, etc.
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Old 03-11-2013, 10:40 PM   #73
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Thanks DLDS, it's true that I realize I have so many things to prioritize. in trying to keep up with this thread today, AND take care of the just search for the paperwork I need, this was long, but productive day. And about half of those project have been begun. Eat the Frog is about the best title I have ever heard.

While re-pouring over this thread for info I may have missed first time around, was a comment that we might be running a sweat shop, since our employees maxed out at 2 weeks vacation.

In defense of my company None of our employees have 5 years senority, which is the bar we set for an extra week of vacation.

our employees do have flexible schedules and can take time off usually at the drop of a hat or two.

You can thank me for deleting the four paragraphs on how we treat employees, which is, in short(er than it was going to be), quite well.
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Old 03-11-2013, 11:13 PM   #74
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My partners get close to 100,000 salary and I get close to140,000 salary. Plus distribution , which is equal.
I cannot stress enough how crazy this arrangement is. Sure years ago the partners all contributed an equal (but relatively small) amount of money. Since then, OP has worked 60 hours a week and partners have worked 10. OP should be getting 3/4 of the value of the business (or possibly more as the sole face and performer of personal services the business seems to be based on) but seems to be collecting only slightly more than a equal share.

The partners are on a gravy train, at OPs expense. I don't see what's to lose by risking the ire of partners. They've ripped you off for years. How can they do worse than continue to take advantage?
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Old 03-11-2013, 11:20 PM   #75
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I cannot stress enough how crazy this arrangement is. Sure years ago the partners all contributed an equal (but relatively small) amount of money. Since then, OP has worked 60 hours a week and partners have worked 10. OP should be getting 3/4 of the value of the business (or possibly more as the sole face and performer of personal services the business seems to be based on) but seems to be collecting only slightly more than a equal share.

The partners are on a gravy train, at OPs expense. I don't see what's to lose by risking the ire of partners. They've ripped you off for years. How can they do worse than continue to take advantage?
I agree. If the OP is providing some type of unique personal service then it should be possible to pay for the business support services on an as needed basis.
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Old 03-11-2013, 11:41 PM   #76
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Thank you and thank you to all of the info I have recieved on this thread.. thorugh the ups and downs, the twists and turns, the name calling such that i am weak, i am too nice, I am a pushover I am defensive--amaybe I am all of these and maybe I am much more.

I am stressed to the gills and I am sorry in a way that I dumped all of my problems on you. In doing that however, instead of just laying out my financial stats, I have recieved much more input than "you cannot retire in two years" Instead, I got a few nice plans of action which I appreciate. I am already trying to track down all of the paperwork from the company, in my posession and not in my possesion and that's at least, a start.
Time to regroup and recharge those batteries. In this business your qualities are seen as weakness. Refine these things slowly to get through the next two years.

“…A society, or all mankind, should study the consequences that are likely to result from each decision that is possible at the present time. By making appropriate selections today, society can influence its future, rather than wait for the inevitable to occur. The individual, too, can consider what sort of person he wants to become, and what goals he wants to achieve, before making a choice between various alternatives. He can set out to produce a certain future for himself, instead of feeling that his life is completely determined by forces over which he has little control.” Allen Tough from The Adult’s Learning Projects
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Old 03-12-2013, 01:25 AM   #77
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I don't minimize the importance of legal advice, but their valuable services come at a price. Katsmeow has no doubt given good shopping advice.

But here's a question for you, before you start dialing the phone. Who will the lawyer be working for, you or the corporation? Your whole post is about your interests diverging from those of the partners. A good lawyer will be sensitive to avoiding conflicts of interest in providing his services (unlike the accountant / partner?).
To be clear, I was suggesting that she see an attorney to represent her.
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Old 03-12-2013, 02:17 AM   #78
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To be clear, I was suggesting that she see an attorney to represent her.
And that is exactly how I took it!
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Old 03-12-2013, 08:00 AM   #79
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You keep talking as if you don't have the option of just walking away right now if you felt like it. Why do you feel as if that is not an option? What penalties do you think you will incur by doing so?

The fact that you seem to have mentally taken that option off the table seems like it would really disadvantage you in talking to your partners.
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Old 03-12-2013, 08:23 AM   #80
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Thanks DLDS, it's true that I realize I have so many things to prioritize. in trying to keep up with this thread today, AND take care of the just search for the paperwork I need, this was long, but productive day. And about half of those project have been begun. Eat the Frog is about the best title I have ever heard.

While re-pouring over this thread for info I may have missed first time around, was a comment that we might be running a sweat shop, since our employees maxed out at 2 weeks vacation.

In defense of my company None of our employees have 5 years senority, which is the bar we set for an extra week of vacation.

our employees do have flexible schedules and can take time off usually at the drop of a hat or two.

You can thank me for deleting the four paragraphs on how we treat employees, which is, in short(er than it was going to be), quite well.
I assume you've met the 5 year bar.... insist on more vacation.
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