To preface this, I have been pretty sheltered all my life despite my age (28). Both a blessing and a curse. My schooling took a while and I started my adult career 7 months ago. And through this time, I’ve been getting monthly allowances from my brother (32) who took over the family business from my dad.
He has 50% of the shares, my mom has 25% and I have 25%. But a few months back, he asked me to give him my shares while promising financial support while I advance my career. This includes allowance, house down payment, signing as a guarantor for a mortgage, etc until I say stop. It's generous, I know, but these things were also given to him by my dad previously as well. And the thing is, my dad and my brother do business together and my brother is refusing to work with my dad until I give him my shares. I've never been involved in the business personally.
I asked him how I can guarantee what he's promising; he said I'll have to trust him and that he's done diligently so far. He told me he's willing to negotiate terms, so I asked for a financial report of the business to be more informed. He refused. Originally, I thought he was asking for a "raise" (so to speak) so I suggested asking for my mom's shares. He also refused. It feels like he's willing to take care of me, but just doesn't want to "share" the business. I don't know. And then I just found out his wife is pregnant.
I can't give my brother my shares on just his word, I know that... but I don't know what I have to tangibly do next. Draft a contract? Get the business evaluated? I don't know what my plan should be and tbh pretty overwhelmed.
Any advice is super appreciated.
Submitted May 15, 2020 at 07:36PM by berthagertrude https://ift.tt/2LwhaDB
