W
wyttail
Guest
What is the name of your state? Virginia
I "was" part of a well know and thriving family, majority, owned company for almost 14 years. There was my father 79%,myself11% and one other who owned 10%. We worked and grew the company in relative harmony for the better part of those 14 years. Around year 12, my father who was in his early 60's, had started to allow us "junior" partners more free will. The "other" partner was about 23 years my senior and was entrusted with more of the "technical" aspects of operations than I.
Upon entry of year "14", January 19th to be exact, with know warning, the 10% partner tenders his resignation to my father. It happened at a criticle time with much work underway, accounts payables and recievables and lines of credit in disarray.My duty's were more "field" related with productions,employees,equipment,schedules ect. The majority of the "office" operations had been entrusted to Mr. 10%. My father who as mentioned earlier had "slacked" off a bit...quite a bit, was overwelmed and unprepared by this action. Depression ensued followed by panic. Another key employ was our 10% mans son. Soon thereafter he left to help his father with a new,competing comany that was started.
There had been a "buy/sell" agreement in place that involved all three of us.
This could get very lengthy so I will try and summarize;
A few months after the fact, a coversation developed between my father and Mr. 10%. Not wanting to put in jeopardy his life's work, I suppose, he agreed to sell the corporation to Mr. 10% for what amounted to about 50 cents on the dollar.
I met with a trusted friend at that time who is an attorney and he flat out informed me that I could fight it and win. I had to decide to take my parents to court, or let them have what they felt was best. It was hard for me to do and I knew it was wrong but I love them. They took care of me when I couldn't take care of myself. So, I sold them my stock and they went through with the sale. Unfortunately, I turned out to be right. Seven months after they sold and my father retired, he passed away. He never recovered from the depression and I suppose the feeling of being "swindled" by someone who had almost been a part of the family for so long.
That was a bit over four years ago and there may be nothing that can be done. At the very least, if this is read my someone who is part of a family owned business, be careful. Very careful. Whoever said," watch your enemy's close and your "friends" closer must have had something similar happen to them. I wish I had known of this site sooner. At least I feel a little better. If anything "can" be done to right this injustice I invite and would very much appreciate a responce. [email protected]
Thank you.
I "was" part of a well know and thriving family, majority, owned company for almost 14 years. There was my father 79%,myself11% and one other who owned 10%. We worked and grew the company in relative harmony for the better part of those 14 years. Around year 12, my father who was in his early 60's, had started to allow us "junior" partners more free will. The "other" partner was about 23 years my senior and was entrusted with more of the "technical" aspects of operations than I.
Upon entry of year "14", January 19th to be exact, with know warning, the 10% partner tenders his resignation to my father. It happened at a criticle time with much work underway, accounts payables and recievables and lines of credit in disarray.My duty's were more "field" related with productions,employees,equipment,schedules ect. The majority of the "office" operations had been entrusted to Mr. 10%. My father who as mentioned earlier had "slacked" off a bit...quite a bit, was overwelmed and unprepared by this action. Depression ensued followed by panic. Another key employ was our 10% mans son. Soon thereafter he left to help his father with a new,competing comany that was started.
There had been a "buy/sell" agreement in place that involved all three of us.
This could get very lengthy so I will try and summarize;
A few months after the fact, a coversation developed between my father and Mr. 10%. Not wanting to put in jeopardy his life's work, I suppose, he agreed to sell the corporation to Mr. 10% for what amounted to about 50 cents on the dollar.
I met with a trusted friend at that time who is an attorney and he flat out informed me that I could fight it and win. I had to decide to take my parents to court, or let them have what they felt was best. It was hard for me to do and I knew it was wrong but I love them. They took care of me when I couldn't take care of myself. So, I sold them my stock and they went through with the sale. Unfortunately, I turned out to be right. Seven months after they sold and my father retired, he passed away. He never recovered from the depression and I suppose the feeling of being "swindled" by someone who had almost been a part of the family for so long.
That was a bit over four years ago and there may be nothing that can be done. At the very least, if this is read my someone who is part of a family owned business, be careful. Very careful. Whoever said," watch your enemy's close and your "friends" closer must have had something similar happen to them. I wish I had known of this site sooner. At least I feel a little better. If anything "can" be done to right this injustice I invite and would very much appreciate a responce. [email protected]
Thank you.