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A bit of advice from my brethren

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    A bit of advice from my brethren

    Hey Guys,

    I don't post much but I have a little situation I would like some input on. I was dxd with MS in 2006. I have had two exacerbations since my dx. Right now other than some numbess in my left foot and some fatigue issues I feel relatively fine. Started on Copaxone but changed to Betaseron.

    I have been running my own residential remodeling business as a licensed general contractor for going on 3 years. I am doing ok but not great business wise. If it wasn't for my excellent wife who does very well financially I don't think I could have lasted this long. I have a really good number of clientel and 90% of my business comes from referals from my previous customers. However the profit just any there yet as I have to have lower estimates in order to get the projects. I understand that most small businesses take time to start really suceeding. From what I have read most take 5 years or so to really start turning a profit. Ok, I just wanted to lay the foundation of my actual question. Sorry it was so wordy.

    Ok, I have a buddy who is actually a competitor who wants to merge our companies. He knows I have MS but doesnt seem too concerned about it. He said that we would just put in protections for both of us in the "merger" contract. I think it would be beneficial to both our companies if we got together but I am really concerned. I don't want to put my freind in a bind. I don't want to put the effort into putting our comanies together and then I end up not being able to produce for "our" company. Does that make sense? I guess my question is what would some of you guys do if you were in this situation?

    Any feedback would be awesome! Thanks so much!

    #2
    Merging businesses

    Hi Masonsdad,

    Although I have not practiced in a very long time, I am a lawyer by training. My first thought upon reading your post is that you seem to believe that you are the "weaker" partner in this planned merger. That may or may not be true. If your friend thought you were that weak he probably would not have suggested that the two businesses merge thereby putting his own business at risk.

    Most importantly, please consult an attorney. You need to consult an attorney that specializes in business law and contracts. It would be foolish to go into business with someone and not have a partnership agreement. You need to determine if a partnership is even the correct business format. It may be better to form a corporation. Whatever format you decide upon you can both write into the agreement what will happen to the business assets and liabilities if one person becomes disabled and cannot participate in the running of the business. This might include selling the business in its entirety or perhaps establish the buy-out terms between the two of you. There are a number of issues with which the attorney can be helpful. Good luck. Hope business goes well.

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      #3
      Great Advice

      Jessiesmom
      Thanks so much for the advice. We both definitely talked about consulting a lawyer for the particulars. You are right I feel as if I would be the weaker of us two. However as long as I am healthy I feel as if I would be an asset to the company. We are really just in preliminary talks but I am interested in pursuing it further. I am doing well right now but as you and I both know, the decline can be sudden and dramatic. Thanks again for the advice and the well wishes.

      Reggie

      Comment


        #4
        Jessiesmom took the words right out of my mouth. The first word that popped into my mind was "lawyer" NOW. Good luck!
        “The world breaks everyone, and afterward, some are strong at the broken places.” Ernest Hemingway
        Diagnosed 1979

        Comment


          #5
          Hi Masonsdad:

          Yes, attorney, absolutely. But that's only a part of the things you need to consider. What's conspicuous in its absence is any sense of vision for your own company or a merged company.

          Even though you own your own business, the tone of your posts shows not just that you're feeling like the weaker of the two potential partners, but that you also think of yourself more as a worker or employee than a business partner: "I feel as if I would be an asset to the company." That's how workers think: me little, company big. Entrepreneurs think of themselves as being the company, steering the company, not that their own company is something they just contribute to.

          What's not coming through between the lines are the breath and passion of an entrepreneur that business owners need to be successful in the long haul. It's the kind of enthusiasm that true entrepreneurs can't repress when they talk about their businesses.

          The presence or absence of a business vision will make a big difference in the kind of business plan you draw up in a merger. It's also a factor in how you figure future effects of MS into the plan. If you're mainly a worker, you'll draw up one kind of a plan. If you're also a visionary and a planner and a businessman, you'll draw up a different plan.

          My recommendation is that you get some business advice to develop your vision and a plan to take into your merger talks. One place to start is with SCORE (http://www.score.org). SCORE is a nonprofit organization (and a resource partner of the US Small Business Administration) made up of volunteer businessmen who offer advice and mentoring to small businesses at no charge. There might be other resources available where you live.

          You won't be ready to talk to an attorney until all of your ducks (or ducts? ) are in a row. When you have a vision and a business plan that account for the possibilities with your MS, you'll have a better idea of how realistic a merger is. Then you can go into merger talks with more confidence. I wish you success with whatever you decide.

          Comment


            #6
            Holy Smokes!

            That is some great advice! I knew it was going to be beneficial for me to ask you guys opinion. I always tell my wife that I would be a better number two than a one. I was a manager at Sherwin Williams for 3 years and I found that I was a much better assistant manager than manager! LOL! As far as vision, you hit the nail right on the head. I feel as if I would be better at implementing someones vision instead of coming up with my own. My wife thinks that I would have a real hard time relinquishing power to someone but I actually don't think I would. I will do some research using the source that you gave me. Redwing I must say that you are very highly thought of on this site and I see why. Thank you and thanks to everyone of you for the great advice!

            Reggie Dx'd 2006
            Copaxone until 2007
            Betaseron ever since
            Keep Moving!!!

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