Business partner is pressuring me to quit day job

Discussion in 'Self Improvement and Being Successful' started by Pressuredpete, Sep 30, 2019.

  1. Pressuredpete

    Pressuredpete
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    Hello guys I'm new and I really need advice.

    Me and my partner started a consulting 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.
     
  2. fisicx

    fisicx
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    Quit the company. If you are having to pay out to keep the business running it's already insolvent.

    Forget the best friend bit. This is business, your partner is shafting you and laughing behind your back. Quit right now.
     
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  3. Pressuredpete

    Pressuredpete
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    Thanks. Yeah I'm seriously thinking of quitting, what's stopping me though is that there seems to be growth but just a modest one and I can't help but think that this might just become ok, but the fact is I am losing a lot of money with no end in sight. One other option I am thinking, which is probably too risky, is to take a huge loan and just go full time with it, but if this fails my family would be ruined.

    As for my partner, I don't think he's shafting me or anything like that because what he earns is just enough for his living expenses. I think he just genuinely thinks the business will grow if I help him full time. I just can't see how I can move on with this without quitting.
     
  4. fisicx

    fisicx
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    The business is insolvent. The only way it will become solvent is for your business partner to take less than 60%. Their cut should come after all costs have been accounted for.
     
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  5. VITS USA

    VITS USA
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    It depends on the legal documents which you have signed in the initial stage but In this situation you can quit the company as well because health is most important than other things. Parents is most important then friend in the life so you should think accordingly.
     
  6. overcast

    overcast
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    Looks like this thing won't go on nicely for you. So you have to two options: close the company. And start tangent business with you as solo founder. Because current scenario won't go well for you.
     
  7. judymargret

    judymargret
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    Hello...

    You could stay and the stress of your partnership will escalate. To an outsider like me I don't see anything healthy about your business relationship. I see it as toxic and not getting any better. You write that your original agreement was that if the company was earning enough you would quit your day job. Your business wasn't making enough money to make that happen. I would encourage you to leave this business relationship.

    Tell your partner how you honestly feel and that you would still like to remain friends and if he doesn't accept that then move on.

    Best to you.
     
  8. Changed Creation

    Changed Creation
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    Hi Pressured Pete
    You sound like a very dedicated hardworking and loyal friend which probably is why you as you sa,y worked the whole year and received nothing to show for it!
    You have dedicated a year and it still does not cover overheads. To me that is not a business. Any business whether full or part time or on the side, must at least cover the overheads AND give you a share that is worthy of your time and effort!
    Maybe this business can come to life if you also become full-time, but I know that even my business mentor will never advise that. In fact if you have dedicated 3 months (90days) and it has not become worthy of your time and effort, it is time to let go, and start something else! Take the learning's you have made with you and get out as soon as you can, with the least pain as you can. I am sorry to say this.
    Take the lessons you have learned and build on that. Use the forum to try a new idea. Think of the skills you have acquired and see if you can build on that. Don't hold on to this one as if it is the last business opportunity you will get. That is scarcity thinking and a belief system that is holding you back! Take heart and be courageous. In a forum such as this one people seldom speak of the spiritual/ etheric side of creating your business. When "The Secret" went viral a couple of years ago, applying the lessons to business, people started getting aware that the is another side to business and living life that is more magical even though it sounds illogical.
    You really need to walk away from this one. The letting go will open the door to new life and opportunity to come in.
    So stick with your day job so that you keep the flow you already have and start looking for a new business. One that is built on your talents, your time, your availability, your dreams, your legacy to the world. Best of luck!
     
  9. Ritesh Patil

    Ritesh Patil
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    I would suggest you to have a steady income first and then focus on your business, at least you will be at peace of mind if u know that u have an income coming for one source.
     

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