Hey all, I'm new here, so pls bear with me!
I'm in business with my dad, me 30% , he 70%, its been like this for 5 years now.
My dad managed the business before he got the opportunity to bvx it. He brought me on board as a 30% CC partner. After I got into this, we got into arguments, and I talked to the previous owners, and I found out that they actually sold the business, because of the problems my dad gave them.
So I was stuck, but I kept on trying till this day. Recently we got into fights again, which lead to my dad making changes to my salary and benefits, my wife got fired, and and and. I always felt sorry for him, because he is actually very sick, and not capable of coping on his own. But due to his unfair behaviour I dont feel sorry for him. I cant just leave, as I signed surety for debt the business have, and I put a lot into this business.
My problem is, when we started the cc, we signed an agreement that whoever dies, there is insurance getting paid out, which is then used to buy out the deceased members shares. During our fights he said that he will change that agreement that I wont get the business when he dies, and that he will change te insurance, so my mom is the only beneficiary of the insurance, so I wont be able to buy his shares.
Now my questions are, can he change such agreement between us, without me as a 30% shareholder, can he change the insurance beneficiary which is in the company name, can he sell his shares to anyone, while there is such an agreement between us, and lasty, if I'm not happy with business decissions he makes, can I do anything acout that?
I know this may seem like me being a ungrateful brat, but I gave my all this past 5 years, while he just " breaks down" with his ideas and schemes, affairs with female staff, etc. In my meaning he is too old and sick to be in the position he is, but as it is with old people, they dont trust the young. I did offer a installment - based buy out of his shares, but he is not interested. So for now I just need to be sure this business is still mine in the end.