Need advice concerning business partnership.?
I am in a 50/50 partnership with a good friend in a small business. When we started out his wife did the clerical work, bookkeeping, and phone answering for us and also attending some events here and there just to help out her husband in his new business.
Now it is a year later, and my partner suddenly wants his wife cut in on 30% of the business profits for her help, prety much making her a 3rd partner. This would leave me with 35% of small profits we have been making so far.
Granted, she does do a lot for us, but I was never under the impression we would be paying her anything, especially such a substantial sum. I would not have accepted her help had I known. 30% of business profits for emailing/phones/paperwork seems way too much.
My partner is a good friend and I am not sure what I should say or what a good solution would be to this problem. Any suggestions or advice is greatly appreciated!
It is not easy in these situations.
In retrospect you should have put a partnership agreement in place that outlined the roles of each partner and how the profits would be distributed.
Now you’ll have to figure this all out and it isn’t going to be easy. I implore you, negotiate a settlement and an agreement for future duties and profits and put in on paper in a formal partnership agreement.
Perhaps you can negotiate a cash settlement with your partner for his wife without giving her any claims to future profits. Set an hourly dollar value on her services for future work and pay her accordingly.
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