R
rdchhabra
Guest
My grandfather had started a Key Chain business, which My father had took over after my grandpa’s death. Because he was working elsewhere and doing this business as part time, My mother also was somewhat involved In the early stage of this business and I never joined them because of the difference of opinions between me and my parents, (mainly with my father ). I was entirely on my own doing Jobs in customer care, BPO's and computer Help Desks and finally achieved to grow as a Technical Team Manager which was my dream job. Suddenly, my father went sick and he was hit by a Bronchitis Attack in 2003. He was on his sick bed and later also he wanted me to carry on with his business. He persuaded me to join him as it was our family business and if I would have said a no, he would shut it down and sell it off as he had turned 75 and wanted to retire. As a result, I left my Job and further joined his business.
In the early stages of my joining everything went my way however when he recovered from his sickness, he came back to work and started to intervene in the business. We again met formally on a dining table of my house where he offered me pursue the business on a contract. He wanted 45,000.00 as the monthly income from me and in return he promised not to interfere in the business. Because I was new in the business I really had no Idea of the monthly income of it. I accepted the challenge. Went my way struggled took personal loans and achieved the promised targets. Markets went down and because I had already invested all my savings, now I requested funds from my father. He gave me double the amount I asked and that to on a 2% Interest. I accepted, Markets further went down because of a sealing drive by the govt in India. I took personal loans to survive. Now after 4.75 yrs of my doing business we are the no. 1 company and the only company which is ISO 9001-2000 certified in this commodity and I have increased business with a turn over from 10 lacs to 22 lacs per Annum, my father has chucked me out and has decided to handle the finance again and wants me to work as a manager who would be paid only 25000.00 per month and nothing else. I have had a lot of arguments with him for helping me pay my loans etc. but it’s a no go from him. I am planning to open another business after selling my wife’s car and her other assets like jewelry which she wants me to sell and start the same business of the same nature elsewhere. I am a partner on papers with my mother in the business but I really do not want to take any legal step and my father says that the partnership has been dissolved legally as i am not active in the business from past 1.5 months.I have no savings and am almost on the road with a 8 month old child. We have been living on rent from past 1.25 yrs and it is now very difficult for me to survive without cash. What should I do ??????? please help.
In the early stages of my joining everything went my way however when he recovered from his sickness, he came back to work and started to intervene in the business. We again met formally on a dining table of my house where he offered me pursue the business on a contract. He wanted 45,000.00 as the monthly income from me and in return he promised not to interfere in the business. Because I was new in the business I really had no Idea of the monthly income of it. I accepted the challenge. Went my way struggled took personal loans and achieved the promised targets. Markets went down and because I had already invested all my savings, now I requested funds from my father. He gave me double the amount I asked and that to on a 2% Interest. I accepted, Markets further went down because of a sealing drive by the govt in India. I took personal loans to survive. Now after 4.75 yrs of my doing business we are the no. 1 company and the only company which is ISO 9001-2000 certified in this commodity and I have increased business with a turn over from 10 lacs to 22 lacs per Annum, my father has chucked me out and has decided to handle the finance again and wants me to work as a manager who would be paid only 25000.00 per month and nothing else. I have had a lot of arguments with him for helping me pay my loans etc. but it’s a no go from him. I am planning to open another business after selling my wife’s car and her other assets like jewelry which she wants me to sell and start the same business of the same nature elsewhere. I am a partner on papers with my mother in the business but I really do not want to take any legal step and my father says that the partnership has been dissolved legally as i am not active in the business from past 1.5 months.I have no savings and am almost on the road with a 8 month old child. We have been living on rent from past 1.25 yrs and it is now very difficult for me to survive without cash. What should I do ??????? please help.