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I know I need to seek some legal advice, so that's not what this is about. In a nutshell, the owner of the business that I've been working for has gone to jail, possibly to never see the light of day again. That leaves those of us left behind in a bit of a quandry.
The opportunity now exists for two options, maybe more..
1) pack up and say adios, and go find a new adventure.
2) Pick up the reins and try to carry on.
Option one leaves behind a family with no other form of support, and it lets a thriving business go to ruin.
Option two involves a lot of work, beginning with tying to protect the assets of this business, and then moving forward.
I know this is kind of heavy (it sure is heavy around here), but the truth is I don't have any other group of people that I can relate to like this group of webmasters. Has anyone else been here? Did it work out for you? Are there other options that I haven't considered?
In the past I've worked for corporations that have gone bankrupt, and it was simply a matter of calling up my recruiter and starting a new job on Monday. Right now I can't see Monday.
Its going to be a lot of work so make sure you get more than just a paycheck at the end of it.
If its family based business and the family are arguing over whats what then Id pack up and leave.
Back in '97 Ireceived a call about a largish local firm who were having money trouble.
Transpires that they didnt have enough money in the bank to pay teh wages at the end of teh month, after a lot of work from a new team set up by me things smoothed and after many months the firm was back on track.
About 3 weeks after I left the local TV station reported the firm had burnt down. It was put down to arsonist but no one was ever caught, this finsihed teh firm off.
It might be an opportunity for both you and the family, i.e. you agree to take over the company and pay the $XX over a time period.
I'd personally not want to take on any debts from the company and would make sure that if you do keep things on track you have the share holding you deserve.
The final possibility is that if the business has been profitable enough to support your former employer, it should be profitable enough to employ a new manager, or someone to do your job if you were to take the manager's pay?
To cut to the chase: Is the family going to run the business, sell, or fold?
If they are going to run it or fold, call that recruiter NOW!
If they are going to sell, make an offer. Buy the place outright. Do NOT offer to run it for them while they get things sorted, in hopes of compensation/ownership later. I have seen many people get suckered into "partnerships" that were little more than indentured servitude. Take over altogether or bail! The place may not be salvagable; problems experienced by clients, suppliers, bankers, etc, may dog you for time to come if the old owner left a mess of things.
My own history: I started my own business in a hole in the wall in a back alley with no money. The family reopened the original business with all the tools, equipment, suppliers, clients, etc. In less than a year, the family was not speaking (each feeling mutualy shafted by all the others), the client base left, the suppliers had large unpaid tabs, and the landlord had to have the marshal evict them. Meanwhile, I worked like a mule, reinvested profits into the business, and 5 years later have 5 employees, 1/2 million gross receipts, and own the original establishment. Had I tried to partner with that insane family, I would have been stuck in their downward spiral. Families that inherit a business tend to act like they inherited a gold mine, but seem to forget the part where you have to DIG to get the gold!
My personal experience leads me to suggest to start on your OWN if you fancy owning a business like this, unless you can sit down to an intelligent outright sale of the business to you. Starting or resurrecting a business like this is all-consuming for years, however. If you value your social life/relationship, factor THAT into the cost of starting up your own business versus taking a job. You'll need skill (beyond what you have now!), determination, luck, and moxie, but I know it can be done.
Good luck!
-Automan
To be blunt, if you are consider buying the business I'd offer to make a 100% asset purchase and put it under a new corporate shell as you dont want their corp mess with their names on it, just the assets. Make sure you find a good business lawyer that can tighten it down to the point the sale most likely can't be reversed to pay for any litigation or damage claims that might be filed against the previous corp.
I was feeling pretty good about all of this until this morning. At least I was more optimistic than I am right now. It seems the (former) owner granted an interview to a local reporter, and his confession is now a half-page news item in todays paper.
He made sure to mention the company name and address in the interview. And he associated many of his lurid activities to the locale of this business, ie. in the garage, in the basement, in his RV, everywhere! How did I not see it?
Would someone loan me their spare jail key and a shotgun. I want to get in that jail and hurt somebody! That's new.. I always wanted to get out. I rarely want to inflict pain.
The victims (and there are many) have more right to these assets than we do, in my honest opinion. Until the article this morning I did not realize the scope of his actions.. maybe I was trying to minimize it for my own benefit.. i dunno anymore. I would not be the least bit surprised to see this go to the national news. And if that happens this company is out of business. No one will buy anything from us, just because of his prior association. I wouldn't blame them either.
I need help. I'm not asking for that help right here and now, I'm talking about professional help. This has just become more than even my stoic self can handle.
I'm about to haul my stinky self (remember, I'm a programmer at heart) down to the nearest attorneys office. Maybe I can get a consult today. Maybe I'll go as far as the highway and stick my thumb out. I just don't know anymore......
[note to mods: If you catch me in your forum and I'm babbling more than usual, feel free to delete me ;) ]
If you are going to try the Phoenix act, opening a similar company under a different name, hope you keep in mind that the skill set to work in an industry (even for 15 years) is not all you need to OWN a business in said industry. It will take more time and money than you think now, but the rewards can be rich!
Good luck, whichever way you run with this.
Darn you for arousing our curiosity, though! LOL
-Automan
