“Hi Clarab, feel your pain, but I'm baffled why you would release 50% equity for a partner that can only give you 3 hours per week, and seem intent on giving away further equity? It's easy to give away in the beginning, and very expensive to get back!
Do you have any agreements in place that you can fall back on, anything in the articles of association that define the directors roles?
Potential is always enormous in theory. If you can genuinely prove it and put a cohesive business plan together, then there is no reason why a bank would refuse you a small business loan, even in this climate.
But it sounds like you have given away 50% of your hard earned business to someone who doesn't have the same level of passion. Be honest, tell him its end game and threaten to fold.
If you genuinely think this is a viable business and the bank manager agrees, then is maybe buying out your partner an option? Chuck him a couple of grand to go away ?
”
Share the same sentiments as Steve here. Did you not have an argeement set in place to begin with? Can't comment on whether you do or not but having an agreement set out on the what each partner contribute etc could have helped in a scenario such as this.
Steve in regards to the threatening to fold that could be something which may not work out; what happens if his bluff is called?