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.
Boss doesn’t sound very good at business.
this is exactly what I think. He made one or more bad business decisions. He might make it sound simplified and put the responsibility on one customer, but he put himself in the position to somehow have his entire business fail, and have to declare bankruptcy because of whatever that situation actually is, if he is being truthful. I think this is just like someone reaching out and saying hey, I just need some more money to turn my business around it has all this potential… But you know they’re going to continue on the same way and any influx of capital will just be a temporary bailout. I would avoid going into business with him. Partnerships are already tricky, and I see at least one giant red flag.