Question by Terrence Mccalister: I co-founded a company five years ago, now I want to go back to school. Can I still expect income?
I’ve lost interest in the film production company I started in 2005. The company does about 1 million a year in business and we net close to 20%. Now I want to go back to school. I want to work out a deal where I still receive a minimum salary regardless of being involved in any work for the company. I would also like this salary to rise if the company continues to grow. I own 49% of the company. I am no longer needed at the company to create new business, it is healthy enough to still grow without my help. Please advise me on how to bring this up with my Partner. By minimum salary I’m talking about 2500 a month, with the potential for it to increase as the company gets more business but not fall below 2500 per month. Am I being reasonable? I gave the company 5 years of my life and helped make it a brand name…but now I could care less about making films. Advice?
Answer by Lukas
School is cool. If the company is incorporated you deserve your percent and all you would be responsible is “board meetings”. whatever you define those as. More likely you should negotiate terms with the other owner(s) and find a fare ground. As a founder you should be entitled to assets indefinitely however.
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