On Thursday it was the fourth day in a row of little or no show from the Boss. So we began rethinking Plan C and decided to see how far we could take Plan B in one afternoon. I called the Old Boss, who we all worked for years ago. He sold that company and made some money. He also knows the industry. To us he seemed like a good candidate for an investor. Especially the money part.
We met for lunch and talked about how this could go down. After describing some of the Boss's financial shenanigans Old Boss advised us not to buy the company, but instead buy the name. We start our own LLC and use the current company name as a dba (doing business as). This will insulate us from the aforementioned shenanigans. So our offer in Plan B of $250,000 would be for the name and some assets like the plotter and computers. The Boss keeps the corporation, but not the right to use the name. He also keeps the liabilities.
The Old Boss wanted to think on it, but I don't think he needed two hours to eat his cheeseburger so he seems interested.
Our goal is still the same: own the company ourselves within 3 to 5 years and grow it into something highly profitable.
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