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.
Couple of thoughts. If this is a personal bankruptcy that he “has” to declare, how is he going to set up a new business prior to actually going through bankruptcy proceedings. Or is he just basically having his former business declare bankruptcy but not personally? These details are important.
If you’re going to drop out of school he should be able to provide you with some expectation of earnings. And if you’re doing most of the work there should be a salary prior to your 40% owner benefit. Lastly, keep doing online classes or something. If this doesn’t work out you don’t want to feel like you wasted a year or two of your time.
Thank you for the advice and input