jwkm55

Member
Joined
Oct 8, 2021
Messages
2
Hi all,

I'm currently employed with a construction company and have been with them for a decade and my boss is now interested in bringing me on as a 50/50 partner. At the moment, we are in the process of getting the company valuated to determine my buy-in cost. Since this is completely foreign to me (and him), prior to us reaching out to lawyers, I thought I'd reach out to an online community get some general advice first, specifically these two questions that come to mind:

- I've heard that it's highly recommended that we should get our own individual lawyers that will look after our own best interests rather than consulting with one (un-biased) lawyer that reviews all the details of our agreement, roles, responsibilities, what if's, etc. Having our own lawyers sounds time consuming due to the back and forth that will be involved, therefore, expensive and unnecessary. Thoughts?

- I'm naturally frugal yet my boss is quite the opposite; when it comes to expensing things through the business for personal gain (vehicles, tools, etc.), how does the person that expenses less get compensated for the difference compared to their partner? For example, if he purchases a $100k truck and I only want a $60k truck, as a 50/50 partner, how do I get compensated/reimbursed for the $40k?

Thank you very much in advance,

Keith
 

Gin

Member
Joined
Aug 17, 2017
Messages
79
I don't think I'd enter such an 'arrangement' if he's using business profits for self gain. You'd only be enabling this behavior and supporting his habit (?)
 

Dora Wi

MVP
Joined
Aug 19, 2020
Messages
88
I think it would be a good idea to get your own lawyer, or even if you don't want to do that, it might be useful to at least consult with one and see what options you have in case something like the truck scenario emerges.
 

VirtualGlobalPhone

Moderator
Top Poster Of Month
Joined
Apr 22, 2016
Messages
1,247
Buying business is a mindset of GROWTH.

Not a one time purchase like a commodity.

Hope this helps you.
 
Top Bottom