Snafu with New Business - npc, your Thoughts & Opinions PLEASE |
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Snafu with New Business - npc, your Thoughts & Opinions PLEASE |
Scott Carlberg |
Mar 22 2004, 02:22 PM
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#1
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Porsche MOTORSPORTS Group: Members Posts: 1,595 Joined: 17-April 03 From: Modesto, Ca Member No.: 580 |
I'd really like to get your opinion on the situation I'm currently going thru.
Here are the details: Matt & Scott were going to start a new business out at the local mall. Matt has some experience with this type/location of business. This new business is/was Matt's idea, although it was Scotts persistence & encourgement that almost got it going. Matt & Scott were going to split the costs 50-50 to get the business started. Currently, Matt has a full-time job, 8-5 Mon-Fri, at which he will become 1/2 owner of in Jan '05, having agreed & signed the paperwork with the one partner of the two current owners who is retiring. Currently, Scott is not working and lives just 5 miles away from where the business would be. Although Matt works just 5 miles away from where the business would be, he lives, with his fiance, about 45 miles away from the business location. Matt has now stated a couple of times that because of his job and where he lives, he does not see himself spending much time out at the mall with the business. Maybe one-3hr closing shift a week, if that. The mall is open 72hrs a week, or 288hrs for a 4-week time period. Figuring a PT person works 25/week, 100 hrs in the month, Scott would then work the remaining hours, 160-188hrs/month. Matt wants to distribute the money in the following way: - 1/3rd to pay the bills; - 1/3rd to Matt & - 1/3rd to Scott However, after putting some numbers down on paper, Scott does NOT think that's a fair deal for him. For example, IF the gross was $10,000 for the month: $3300 - bills (33%) $3350 would go to Matt - for being 1/2 owner AND having worked 3-12hrs for the month; $3350 would also go to Scott - for being 1/2 owner AND having worked 160-180hrs for the month. Scott has suggested a lower Base Pay, and then an agreed upon Hourly amount paid per the number of hours worked. My question, simply is: WHAT DO YOU THINK? Is one scenario more fair than the other? Why, or why not? >>> IF you've gotten this far down on this thread, THANK YOU, your thoughts & opinion are very mich appreciated, as I realize this situation REAlly only matters to one person on this bbb! (IMG:style_emoticons/default/wavey.gif) |
richardL |
Mar 22 2004, 03:53 PM
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#2
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Senior Member Group: Members Posts: 713 Joined: 27-January 03 From: San Diego, CA Member No.: 201 Region Association: None |
As an example of how things can go wrong my (ex) wife always wanted to open a restaurant. She and her, then, best friend planned and arranged pretty much everything. Since it was WA state I was treated as a co-owner as was the friends husband. I funded things from my consulting business.
It takes a long time to get an idea like that to reality and by the time we had an opening date the friend and her husband were moving towards an unhappy divorce. We got caught up in the 'if your not with me you are against me' BS - we couldn't kick out the husband from co-ownership (either legally or in terms of effort put in), so the friend decided to try to kill the venture - she didn't help, called in the health inspectors multiple times etc. Finally she paid a local 'punk' to firebomb the restaurant! - Not many people get to tell THAT story!! Fortunately the kid was also an idiot and used diesel instead of gasoline in his bomb so it didn't spread fast enough. Otherwise he would have taken out a Safeway, KFC and several other businesses as well. We reopened but never got going again... curious how people don't want to go to a business that gets firebombed. The punk got a year in jail and had to pay restitution, he pays $10 a year! The (now ex) friend moved out of state and got away free. I lost a boatload of money. The morel being: choose your friends and business associates carefully. Richard (IMG:style_emoticons/default/sad.gif) |
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