September 23, 2016
Q: I have worked for my dad for more than a decade. He recently told me he wants to stop working but says he is not retiring. He wants to be paid the same amount of money and he wants himself and his wife to keep being covered by medical insurance through the business. He said he would give me a percentage of the business–I think 10 percent at the start and then the rest in 10 years. This sounds very unfair to me and a great deal for him. I have tried to talk to him to see if he is flexible on some of these points, and he says no. I’ve tried to setup a sit-down with him to try and reason with him but he keeps canceling. Do I have any rights to any of the business since I am his son and have worked to build the business up? A: The short answer is that without either a written agreement concerning ownership, or an agreeable parent who will transfer it, you could be…
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