NP1
01-17-2009, 09:56 AM
Hello... I need some advice on a situation. Here is the skinny: I entered into a partnership agreement w/ another guy. We opened up a business franchise (my name was not on the franchise agreement w/ corp). According to our agreement, I was going to be running the Sales/Marketing arm. In return, I would be earning my equity in the company based on my years of employment (not to exceed 25%/5 years). After four years I decided to leave to pursue another opportunity. So I left w/ 20% equity. In the discussions we had right before leaving he indicated that he was going to hang onto the franchise for five more years ,then sell. I was fortunate to get a job that paid well and really just wanted to put that four years behind me so I never really pursued the economic profits (store never turned much of a profit). Well now it is seven years later and he still hasn't decided to sell.We spoke recently of a buyout but the talks have stalled. I have decided to let this ride till he sells it but want to go back and look at the money that I may have been leaving on the table (if any). Does he have an obligation to open up the books to me??