Pressurepete
New Contributor
- Joined
- Sep 30, 2019
- Messages
- 5
Hello guys I'm new and I really need advice.
Me and my partner started a consultancy firm around 12 months ago. From day one he went full time with no money in the bank and I kept my day job because I have a parent with advanced cancer. The original agreement was that I would quit 6 months in or get a part time job because the expectation was the company would at least earn enough to cover overhead. That didn't happen.
As of now, the company does not earn a steady amount at all for failure to get enough retainers and clients are mostly one and done, resulting in us having (more often than not me) to shell out money for overhead. My partner though, receives money from his percentage in closing clients (60% for whoever closes a deal and 40% goes to the company) but the leftover money is not enough to cover expenses, hence, me shelling out money. I don't earn anything from the company as I do not have time to close accounts, but, I do almost all the paperwork and research side.
To date, I haven't received a dime off the business, and I am broke due to filling out company and family expenses and medications.
Now, my partner wants me to quit my job so that I could focus on growing the company and its causing tension between us. I already told him that I could not quit because I have no savings, forget my parent's meds, I would not even have cash to eat or feed my family. I thought of quitting the company and just waive my equity as I am feeling guilty that I could not devote my whole time to it, plus, my partner is a bestfriend of mine since college days and breaking from the company would certainly cause bad blood..
Any suggestions. Thank you.
Me and my partner started a consultancy firm around 12 months ago. From day one he went full time with no money in the bank and I kept my day job because I have a parent with advanced cancer. The original agreement was that I would quit 6 months in or get a part time job because the expectation was the company would at least earn enough to cover overhead. That didn't happen.
As of now, the company does not earn a steady amount at all for failure to get enough retainers and clients are mostly one and done, resulting in us having (more often than not me) to shell out money for overhead. My partner though, receives money from his percentage in closing clients (60% for whoever closes a deal and 40% goes to the company) but the leftover money is not enough to cover expenses, hence, me shelling out money. I don't earn anything from the company as I do not have time to close accounts, but, I do almost all the paperwork and research side.
To date, I haven't received a dime off the business, and I am broke due to filling out company and family expenses and medications.
Now, my partner wants me to quit my job so that I could focus on growing the company and its causing tension between us. I already told him that I could not quit because I have no savings, forget my parent's meds, I would not even have cash to eat or feed my family. I thought of quitting the company and just waive my equity as I am feeling guilty that I could not devote my whole time to it, plus, my partner is a bestfriend of mine since college days and breaking from the company would certainly cause bad blood..
Any suggestions. Thank you.
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