Thanks, what I thought, but because the new owner is being so arrogant about it, I thought that maybe I was in the wrong.
SparWeb - Yes, I now believe they bought my company thinking I was some pushover, that I was going to keep doing all of the work while they made all of the money.
SteelPE...
Thanks again everyone. I do have another question. How would you handle any revisions that come in? Keep in mind, I was not kept on as an employee. I completed the 30 days of training, and met all other obligations, I feel that I have no further obligation to the buyer. The buyer is...
Any offers always came in at 1.0 x yearly revenue, BUT they would only ever put 50% down and the remaining 50% was in earn-out over the next three or more years. When I finally sold my company a few weeks ago, the sale price was for 1.0 x sales revenue, 50% down and the rest in earn-out over...
Thanks again everyone. Although I do have one more question on this situation. I am not getting paid for the training period, so I don't consider myself an employee, but correct me if I'm wrong. So what I am supposed to be doing is training, but because these engineers don't know their...
Thanks everyone. Yes, my bank account reflects the sale, and there is a legally drafted Purchase Agreement. All training and communications are being documented.
I have informed the clients of the transition & new ownership, and have said nothing negative to them about the new owner or his...
I recently sold my structural engineering firm to another engineering firm. I was a one-person firm, no employees. I will be staying on-board for 1 month for training.
Here's my issue: I did my due diligence and checked up on the firm buying my firm and checked up on the owner. He has 3...
