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.
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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.
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
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
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