Fix a bad negotiation or whatever the hell this is?

bt25

I feel it might be hopeless but as I have a very bad track record when it comes to negotiation and I thought it best to get other opinions:

I am working for a company now 6-7 years. Early in that I started working on a new system for the company. Out of that the idea of another business grew between myself and my current boss. During that time we agreed that we would start a new company which I would be part owner of (though nothing was written down which though I did look for it, didn't push to avoid issues with my current job).

It has taken years of development to get to this point where we are actually selling the system which is going very well. Over that time I have had a few discussions with my boss on this as he was very much dragging his feet and being uncomfortable discussing money and a concern about affecting my own job I didn't push too hard. Over that time he was getting advise on the company we intended to start around the system but when it came time to do so he was advised to in fact set it up as a holding company to contain the current company I work for as it would have a lot of positives and avoid issues. This was explained to me to an extent and I was going to get a lower share amount as a result but of a potentially bigger company so I accepted that. Again, he avoided at all points putting it in writing which I was concerned about and did request but again never happened.

After that I was told that as the current company already has share holders they couldn't just give me shares in it and instead offered phantom shares. Again, a lot of dragging of feet on that and it is now a point that after about a year I'm now being offered some payouts at particular points as part of the phantom shares but adding up to 100k when the company hits 10m though with a possible 50k at 5m and 50k at 100k. At the rate we are going right now that is actually doable but at this point I've just been offered a possible chance to work for the company I was at one point going to be a joint owner of and IF we hit those marks WHILE I AM STILL EMPLOYED with the company I could get this.

I really don't know what the hell I can do if anything is possible and at the end of my rope. I'm wanting to start my own business(s) but if I leave I won't get anything as part of this deal and it is really affecting my ability to do my day job too as every time we are doing well I'm actually getting more annoyed with everything.

I have to get back to him in the next few weeks so there isn't anything set in stone at this point but is there any way to get back as it would seem to me he holds all the power in this.

Trojan

Sounds to me like you're going to get screwed over. Not having anything in writing and getting put on the long finger doesn't bode well.

I'd get everything that do you have in writing that references this, however obliquely, and go talk to a solicitor and/or accountant.

You may need to be prepared to walk away and start again. Get professional advice.

mrawkward

This may sound harsh but you are as guilty as the perp by not standing up for yourself and allowing yourself to be walked upon. A verbal agreement has equal legal effect to a written one, though proof can be more problemsome. Do you have the b@lls to take him on and follow up with action? If not, it will end badly...timing is the only Unknown I fear

bt25

mrawkward wrote: »

you are as guilty as the perp by not standing up for yourself and allowing yourself to be walked upon

It's not harsh, just true. I 100% am at fault for allowing myself to be taken advantage of. He is just doing what he is supposed to do, get the best deal he can. My inability to deal with it mixed with my fear of screwing up my already existing job (keeping in mind he is my boss currently too) has given me plenty of excuses to avoid dealing with it.

It's taken me a long time to get to this point but I just don't know the best approach. If it was some random person it would be one thing, but as it is my boss I'm still wary about causing issues in that regard.

bt25

mrawkward wrote: »

you are as guilty as the perp by not standing up for yourself and allowing yourself to be walked upon

It's not harsh, just true. I am 100% at fault for allowing myself to be taken advantage of. He is just doing what he is supposed to do, get the best deal he can. My inability to deal with it mixed with my fear of screwing up my already existing job (keeping in mind he is my boss currently too) has given me plenty of excuses to avoid dealing with it.

It's taken me a long time to get to this point but I just don't know the best approach. If it was some random person it would be one thing, but as it is my boss I'm still wary about causing issues in that regard.

bt25

I want to push back on this. As since my last post I've had another message which was supposed to be a written up version of what we had discussed and yet again is significantly different. I think it would be better if I could just get a professional to deal with it from here on out. Any suggestions on who / how I should approach?

mrawkward

On a positive note, you are now effectively in negotiations and you should respond in writing with the details of what you want/were lead to believe was comming your way. It sets down a marker and puts the pressure back on him.
Professional advice: The vast majority of solicitors and accountants are good at what they do, but business type negotiations are generally not their strong point. If it were me, I would be looking to find a solid greyhead businessman, well versed in doing deals, to be on my team. It also helps to have a "body" between you and the person with whom you are negotiating. Bring in the accountants and lawyers to sign the deal but only after the headlines are agreed.

bt25

The solicitors and accountants are more obvious to find. Any ideas where I'd find myself a greyhead businessman?

mrawkward

Someone in your wider family or friend circles may be able to produce such a bod. These guys who have had a good business career (working for themselves..but not as hired help) are generally more than generous in giving a bright young person a dig out. Sadly many young people do not value the sage advice of those who have probably seen it all before and who themselves learned such lessons/skills the hard way, by making and learning from mistakes!!