Rabs Posted April 2, 2012 Author Share Posted April 2, 2012 No, I haven't been through this, but if he owes your dad money, I suspect your dad sold sold the business on contract, i.e. he financed it. Bad move. If no bank would lend the guy money, why would someone not in the business of lending money want to take that risk? But that ship has sailed. When it goes to foreclosure, your dad will get the business/property back. Not sure if this other guy's debts, your pay and others', supplies, raw materials, etc, will fall on your dad. I'd say sue this guy, it's not your dad's business any more. Don't feel bad about going after what's yours. You will likely be standing in line with the other creditors, like your dad. I've seen family businesses sold out where one or two family members stay on. It usually isn't pretty. If the business tanks, the remaining family member gets upset that the new owner (and employer) has destroyed the family business. Most times new owners, if they are smart, won't keep family members on staff, but they will if they have to. It seems to be a small concession to get a transfer negotiated. Then the new owner waits for the day when the remaining family member's contract is up, then terminates. This is how I usually see it happen. When a family member stays on, one has to wonder, why did they not just take over Dad's business? Beyond that, it is a vocal employee who knows 'better' how the business should be run. Both the new and old owners may have valid and workable solutions to the business plans, but having two divergent points of view is deadly. Seldom does a buyer want to continue the status quo. Usually he wants to grow a business and this takes risk. A family business, usually, is conservative and protects what it has and does not take on as much risk in order to grow, and therefore either stagnates or grows slowly. Go after your money that is owed. And start looking for another job. Be prepared to be called back by your dad as he tries to resurrect the family business. It's probably best that he doesn't. It could break him. Just put the assets up for sale again. Yeah the whole thing is a mess.. BUT its not quite what you think. My dad sold commercial catering equipment which was just something I wasnt interested in, my creative side was what I wanted to work with, im no business man or sales man so didnt have much to offer.. It was only as my dad was selling the business that I asked if they had any work for me at which point he told me he was selling. So I went for an interview with the new owner and he wanted me on board as he wanted to use my PC and technical knoweldge and had a plan to get me to learn this new software and help him sell it in the UK, so strangely I was hired but nothing really to do with the core business, however he wanted a server with email etc so I became the IT Manager. That software he wanted me to learn just didnt work out so when he started loosing money he had to get rid of some overheads.. hes even said to me that if he gets on his feet again he wants me to go back and work for him (like thats gonna happen). Like I say its all a mess and hes now blaming my dad for the business failing (which is all total BS) using any excuse under the sun, even to the point of bringing me up in the solictors discussuions.. Its totally crazy and yes, I pulled the trigger today and apparently so did my father.. He thinks we are push overs as we are nice and reasonable people, hes about to get a shock. I just hope he doesnt close the business cos then as you say there will be a whole list of people waiting for money and chances are I will get nothing. Hes ignored all attempts at contact by the tribunal people so far and ive been told that once it goes thorugh he will have 28 days to respond.. If he doesnt he looses automatically. So we will see... as ever, just have to wait and hope a new job comes up soon. Oh and my parents are retired now so once this happens it will probably just close. Plus the reputation if the business has been totally destroyed. Whod want to buy that? Link to comment Share on other sites More sharing options...
TommyK Posted April 2, 2012 Share Posted April 2, 2012 ... Whod want to buy that? Not me. Unless I knew the business and needed the equipment, know-how and customer list. Then I'd move the headquarters and change the name. Link to comment Share on other sites More sharing options...
Rabs Posted April 2, 2012 Author Share Posted April 2, 2012 Not me. Unless I knew the business and needed the equipment, know-how and customer list. Then I'd move the headquarters and change the name. LOL exactly... even you know what to do (not saying I know what your experience is in any way) but anyone with a slight bit of logic would understand that.. It was bizzare, like the guy was alergic to good advice and only made bad decisions.. ive never seen anything like it. What was also really weird is that the day the guy took over people started getting really ill.. Like we had two appendix (I nearly died as mine exploded), my dad had a colpased vertibre (two of them) and just had a knee operation, someone broke their foot, another guy broke his back and someone else got some almost incurable ear infection.. it was like the guy was cursed or something. im just glad to be away from it now.. all i want is what he owes then I want nothing further to do with him. Link to comment Share on other sites More sharing options...
TommyK Posted April 3, 2012 Share Posted April 3, 2012 You might appreciate this: A man returns from his honeymoon and arrives at his father's family business. The father had agreed that after the nuptuals, the son-in-law would get a 50% stake in the business. "Welcome back son," the father-in-law said, 'Let's get right to work, I want you to oversee the factory operations so you can get a feel for the business from the ground up." "Thanks 'Dad', but I really wouldn't like working in the factory. It's dirty, it's hot, it's smelly, and I really can't see working with 'those' people." A bit taken aback, the new father-in-law said, "Well... I could put you in Accounting over seeing the financial end of the business, or maybe in sales." The new son-in-law replied, "Oh, no, no, no, I really don't like office work. I find pushing paper all day to be boring, the people a bit stuffy and the POLITICS!, UGH!" A bit perturbed now, the father-in-law said, "Good gracious son, what is it you want to do? You cannot just show up for work and expect to be a part of this business. I've given you half the business. What is it you want me to do?" The son-in-law replied, "Buy me out." Link to comment Share on other sites More sharing options...
Rabs Posted April 3, 2012 Author Share Posted April 3, 2012 You might appreciate this: A man returns from his honeymoon and arrives at his father's family business. The father had agreed that after the nuptuals, the son-in-law would get a 50% stake in the business. "Welcome back son," the father-in-law said, 'Let's get right to work, I want you to oversee the factory operations so you can get a feel for the business from the ground up." "Thanks 'Dad', but I really wouldn't like working in the factory. It's dirty, it's hot, it's smelly, and I really can't see working with 'those' people." A bit taken aback, the new father-in-law said, "Well... I could put you in Accounting over seeing the financial end of the business, or maybe in sales." The new son-in-law replied, "Oh, no, no, no, I really don't like office work. I find pushing paper all day to be boring, the people a bit stuffy and the POLITICS!, UGH!" A bit perturbed now, the father-in-law said, "Good gracious son, what is it you want to do? You cannot just show up for work and expect to be a part of this business. I've given you half the business. What is it you want me to do?" The son-in-law replied, "Buy me out." LOL the world certainly does work in strange ways Link to comment Share on other sites More sharing options...
Rabs Posted April 6, 2012 Author Share Posted April 6, 2012 So I got the court date through the post today and a copy of the letter send to my old boss.. HOWEVER, I checked my bank account and it just so happens hes paid some of it but still owes more that hes ignored so far when ive brought it up, so im still gonna go ahead with things until he pays me the full amount.. So it looks like the legal threat worked (mostly) but im still gonna have to fight for the rest of it. As for my fathers situation hes also sent a letter this week to the lawyers instructing them to go ahead and try and get his owed money back so we will see.. So there you go.. I was having a really bad day the day I wrote this thread and as I post this I realise how these things can hit you.. So to anyone out there whos ever had the same issue (in the UK anyway im not sure if the same thing exists in the US?) the tribunal services offered are free for someone trying to claim and it seems to have pushed all the right buttons. Ist just a shame when things have to go that far. Anyway thanks for all the support, it helped when I was having a rough day and really appreciated.. Now I just gotta find a job :) (and when and if that happens will depend on if I keep my 2008 or not :P) Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.