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Forum nameBiz Ideas
Topic subjectProblems with other owners selling a business
Topic URLhttps://www.businessownersideacafe.com/forums/dcboard.php?az=show_topic&forum=103&topic_id=1295&mesg_id=1295
1295, Problems with other owners selling a business
Posted by Thompson, Thu Jun-14-07 04:24 PM
My husband has a small share in a business (10%). The other owners (who put up the intial investment money) gave him a 10% share in the business in exchange for his spending the first year working the business with them with almost no salary. Now, they have just sold the business and two issues have arose. 1) they are deducting their initial investment from the total sale of the business and then saying my husband is entitled to 10% of the money that is left. 2) When their initial investment, which was 42,000 GBP, was made the exchange rate from pound to dollar was 1.6 which would make their initial investment $67200, however, they are now using the current exchange rate from pound to dollor of 2 to say that their initial investment (which again remember they are deducting prior to giving my husband his cut) was $84,000. Neither my husband or I have any experience with any of this but it does not seem right and I was wondering if I could get some opinions/advice/comments?