- Original Poster
- #1
Hi, I was hoping somebody may be able to comment on a difficult situation I have found myself in with my company.
Three years ago, myself and a colleague at the time started a business where we own 50% each. Whilst the business has performed fairly well, the experience isn't one which I have enjoyed at all due to the unexpected manner in which my partner has conducted himself since day 1. The impact on my mental health has been severely impacted by this and I have wanted to exit the business for a considerable time but feel somewhat trapped by the complications regarding a situation such as this.
I have offered to sell my 50% to my partner on several occasions but he declines each time. He also has rejected two offers from me to buy him out. He is fully aware that, without me, the company would fail quickly because he is illiterate and has no skills other than doing physical work. Therefore, I am technically 'running' the company but unfortunately, it transpires that he is one of those characters who thinks they know better than anybody else how to run a company, which results in an unpleasant environment where there is a constant underlying battle happening between us regarding the policies of the company.
His inability to consider risk will be the most dangerous and likely cause of the company falling flat on its face and failing. For example, he spends his days deliberately antagonising all of our suppliers (and creditors) to the point where it is costing them a considerable amount of time and money dealing with him and his absurd demands as well as his never ending attempts to 'shaft' them regarding stock. I have been made aware that our biggest creditor is considering withdrawing the supply and credit facility we have in place with them. In this event, we would have an immediate cash-flow problem which would more than likely cause us to cease trading.
He has already antagonised the landlord of the previous property we were trading from (with an excellent deal regarding rent) to the extent that we were asked to leave. This alone has resulted in our operating costs doubling at the new property. He routinely disrespects all suppliers/landlords/service providers etc for no rational reason and yet cannot understand the risks involved in doing so. He also disrespects me and takes decisions without consulting me (such as giving unregulated credit to customers) despite being aware that this is likely to cause me to exit and the business to fail.
Anyway, the situation has now taken an unexpected twist because he now has a big problem with his back which he has injured due to his hectic ways and refusing to rest properly. Currently he is on a waiting list to have 5 discs in his lower back fused which of course means he will no longer be able to do the physical work.
I currently do 50% of the physical work and 100% of the admin. So you can imagine that I am already quite stretched as the business has a million pound turnover and I already tend to have to work 7 days a week from January 15th until January 8th each year without a break (aside from funerals).
The company cannot afford to employ a member of staff because our overheads have now doubled due to his reckless antics effectively seeing us evicted from the previous property. We are in a trade which is well fought over and our margins are tiny unfortunately.
Having spoken to my partner, his solution to the problem is that we should both take a considerable pay cut and employ somebody to help us on a part time basis. This proposed pay cut would take us to below the minimum wage so this simply isn't happening. His mortgage is fully paid on his home whereas mine still has 22 years remaining. Hence his willingness to take a pay cut.
He has suggested that he takes over the role of doing all of the admin (despite being illiterate and terrible with figures). He believes that if I show him how it is done, he will be able to do it.
The reality is his vision for the company next year is that I do 100% of the physical work on Sunday, Monday, Tuesday, Wednesday, Thursday and then 50% of the physical work along with the part time employee on Friday and Saturday.
Meanwhile, he sits in the office either completely messing up our accounting or simply ringing me all day to ask how to do everything. Ultimately, I will end up reverting to doing 100% of the admin whilst he is effectively a lame duck who isn't able to contribute.
Unfortunately, he is relishing the status of being seen locally as a 'successful businessman' even though nobody actually cares. He frequently squanders the company's money on vanity projects such as sponsoring local sports teams or awards ceremonies and having his name mentioned in magazine articles.
Therefore, he is like a dog with a bone and will not give up this company despite the fact that he will no longer be able to contribute after his pending operation.
Your opinions would be very appreciated.
Three years ago, myself and a colleague at the time started a business where we own 50% each. Whilst the business has performed fairly well, the experience isn't one which I have enjoyed at all due to the unexpected manner in which my partner has conducted himself since day 1. The impact on my mental health has been severely impacted by this and I have wanted to exit the business for a considerable time but feel somewhat trapped by the complications regarding a situation such as this.
I have offered to sell my 50% to my partner on several occasions but he declines each time. He also has rejected two offers from me to buy him out. He is fully aware that, without me, the company would fail quickly because he is illiterate and has no skills other than doing physical work. Therefore, I am technically 'running' the company but unfortunately, it transpires that he is one of those characters who thinks they know better than anybody else how to run a company, which results in an unpleasant environment where there is a constant underlying battle happening between us regarding the policies of the company.
His inability to consider risk will be the most dangerous and likely cause of the company falling flat on its face and failing. For example, he spends his days deliberately antagonising all of our suppliers (and creditors) to the point where it is costing them a considerable amount of time and money dealing with him and his absurd demands as well as his never ending attempts to 'shaft' them regarding stock. I have been made aware that our biggest creditor is considering withdrawing the supply and credit facility we have in place with them. In this event, we would have an immediate cash-flow problem which would more than likely cause us to cease trading.
He has already antagonised the landlord of the previous property we were trading from (with an excellent deal regarding rent) to the extent that we were asked to leave. This alone has resulted in our operating costs doubling at the new property. He routinely disrespects all suppliers/landlords/service providers etc for no rational reason and yet cannot understand the risks involved in doing so. He also disrespects me and takes decisions without consulting me (such as giving unregulated credit to customers) despite being aware that this is likely to cause me to exit and the business to fail.
Anyway, the situation has now taken an unexpected twist because he now has a big problem with his back which he has injured due to his hectic ways and refusing to rest properly. Currently he is on a waiting list to have 5 discs in his lower back fused which of course means he will no longer be able to do the physical work.
I currently do 50% of the physical work and 100% of the admin. So you can imagine that I am already quite stretched as the business has a million pound turnover and I already tend to have to work 7 days a week from January 15th until January 8th each year without a break (aside from funerals).
The company cannot afford to employ a member of staff because our overheads have now doubled due to his reckless antics effectively seeing us evicted from the previous property. We are in a trade which is well fought over and our margins are tiny unfortunately.
Having spoken to my partner, his solution to the problem is that we should both take a considerable pay cut and employ somebody to help us on a part time basis. This proposed pay cut would take us to below the minimum wage so this simply isn't happening. His mortgage is fully paid on his home whereas mine still has 22 years remaining. Hence his willingness to take a pay cut.
He has suggested that he takes over the role of doing all of the admin (despite being illiterate and terrible with figures). He believes that if I show him how it is done, he will be able to do it.
The reality is his vision for the company next year is that I do 100% of the physical work on Sunday, Monday, Tuesday, Wednesday, Thursday and then 50% of the physical work along with the part time employee on Friday and Saturday.
Meanwhile, he sits in the office either completely messing up our accounting or simply ringing me all day to ask how to do everything. Ultimately, I will end up reverting to doing 100% of the admin whilst he is effectively a lame duck who isn't able to contribute.
Unfortunately, he is relishing the status of being seen locally as a 'successful businessman' even though nobody actually cares. He frequently squanders the company's money on vanity projects such as sponsoring local sports teams or awards ceremonies and having his name mentioned in magazine articles.
Therefore, he is like a dog with a bone and will not give up this company despite the fact that he will no longer be able to contribute after his pending operation.
Your opinions would be very appreciated.
