I have kind of a business arrangement / franchise potential
Hi... I have kind of a business arrangement / franchise potential question. Where I am the franchisor.I have a small chiropractic business I am expanding. I have a guy that is struggling in practice. He is a good chiropractor and great guy but just not business savvy and I have the opportunity to kind of partner up with him (bail him out so to speak) by helping him get his business going by converting it to a franchise location for me or partnering up with him in some way.Advantage to him is he can break even or make money quickly to support family, etc. using my model (well in theory). He is bleeding about 1k a month right now and has been at it 1.5 years with just a 3k month overhead so he aint exactly growing too quickly.Advantage to me is that I can add another location to my company fairly quickly/easily (be our 3rd) in an area I would love to have a location with a doc ready to go... so that is my drive to make this happen.So the question is this. If I move forward with this, I am struggling on ideas of how to arrange the 'deal' with him.Not sure I want to take over his lease for him (1.5 years remaining) because he could of course abandon ship. Could just add my name on to lease and take over his operations and hire and train him. That seems clean only because he is still on hook for lease but why do that if don't have to be on it is my struggle there.Next option I thought is have him sign on as franchisee and just add addendum for no Franchise Fee, No royalties, etc and maybe just defer it all along with paying back any money I spend to get this going (be about $15K initially most likely to get him up to speed and hit marketing hard for several months)I have come up with scenarios and typed them out but didnt want to attach here because feel like it will be too overwhelming to read my potentially terrible scenarios.So my question is... Can you give me some ideas on a way to employ or partner with a guy in a situation like this where it makes the most sense.Perhaps some partnership hybrid where he can't abandon ship if all is not going well. So maybe he stays on lease and we just have an agreement with him that we take over his finances of the office and hire him as 1099 for low wage plus percentage as turns profit.Or perhaps a modified franchise option as mentioned above with a loan to get him going and he starts implementing my systems. Starts paying an amount per month towards these things on a profit level reached.Anyway.. hope this is a reasonable question you can give me some insight on.While I will probably consult an attorney in my area I like checking with this service as well so I can get an affordable second opinion and maybe just ideas of creative fair ways to structure it but most importantly any pitfalls to watch out for that I would not see coming or know about.
Counselor at Law
I have a large judgement against me personally, and I really
I have a large judgement against me personally, and I really do not want to file bankruptcy. I'd rather wait it out and see if I can settle later. It's in another State, and they haven't found me (yet). I want to start a business, but I don't want to hand it over to the judgement creditor when and if I do get found. I would rather "work" for a trust that will benefit my children. I know all of the arguments about trusts being "my" property in a collection action. But what about irrevocable trusts? What if I borrow the money from my in-laws to start the business, for the benefit of an irrevocable trust that is started by my in-laws for the benefit of their grandchildren?I was thinking of forming a limited partnership, with 99% ownership by the irrevocable trust. I would be owner of the 1% LLC general partner, or my in laws would form the LLC. Why or why not would this work? The business would be real estate related, so will enjoy equity growth. My only concern is that the equity might some day be taken away in a collection action if I own any part of it. I want my children to benefit from whatever I do here.Minor challenge/benefit- my in-laws are Canadian.
Let me clarify a little further. The "Contract" staes that
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Not sure. I have quite a mess going. Business partnership
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I want to buy a business but I need to be a limited partnership.
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Under what circumstances can an employee of a company or small
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Im a real estate broker considering joining a real estate
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