My boss has recently told me that he has to declare bankruptcy due to a massive client who never paid. He is offering me partner status in the next company and I could really use some outside advice. I’m 20, in college, and planned on going into sales. My business on the side hasn’t had any traction for a while due to my lack of connections, but my boss has consistently had work for my company since his network is huge. He’s s offering ownership in a new company which will have the services I offer, with his connections, as well as all of his contracts from the previous company, which is well into six-figures. I’d be bringing skills and labor to the table. He’d be bringing that, plus connections and current contracts/relationships.

Where do I start? This seems like a great opportunity but throws a wrench in my other plans. Any outside opinions, and questions are welcomed! I’ve never faced something like this and have no clue where to start.

  • acatinasweaterB
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    11 months ago

    Take his contacts, cut ties, and build your own business. He’ll be too busy dealing with his other lawsuits to be able to do anything about it.

  • fainfaintameB
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    11 months ago

    This is a big opportunity. He’s not declaring bankruptcy personally just in one of the ventures? I’ve seen serial entrepreneurs silo their ventures and if one of them go down it’s a cost of doing business.

    Not to bring politics up but trump had something like 508 corporations and declared bankruptcy in 4 or 5 of them.

    Look into the partners batting average in business.

    But simply he’s established with financing and a network and your 20 young and hungry. Leverage what he has

  • Love_dance_prayB
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    11 months ago

    I don’t know anything about what you do so I am not going to tell you that it’s a good option or not. But one thing I will say is that in the past my uncle in law intended to give his business to my husband and I and we missed the opportunity. Doors open and close and they won’t stay open forever so just think about it in the future you may regret it or not

  • Ok-Leadership-8817OPB
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    11 months ago

    Personally guaranteed the loan for the business. Receivables never landed. Company would be created ASAP to continue serving clients, I am looking at 40% ownership, I’m struggling to estimate the time since I currently go to school. Would likely consider dropping out to give it my all. I will be continuing to work in the field, and service clients. He will likely do most admin work. Thank you for your input I appreciate it