When Pierre and I were discussing dissolving our partnership, his cash offer got smaller and smaller every time we talked. At one point, he suggested a cash amount plus an opportunity to get more money over the next 3 years if the restaurant made at least $10,000.00 that year. I agreed to this offer because I just needed to get something and get out. He had used me up. He had used up all my money. I had to get out. So we signed the agreement he wrote up and I walked away with a tiny bit of cash. In order to prove whether he owed me money each year thereafter, he was supposed to send me a copy of the year’s financials by May of the following year. With a check attached if they made money.
Obviously, as much as I hoped to get more money, I wasn’t counting any chickens. Pierre was such a non-contributor to our business and so out of touch with the overall management of the restaurant, it seemed pretty unlikely he would ever make any money. I still don’t know why he even wanted the business in the first place. Maybe he thought it impressed people that he owned a bar in an ice rink. Maybe it wasn’t a business to him at all, just a hobby to get tax write-offs from the government. I don’t know.
Anyway, every May for 3 years, I was supposed to get a financial statement. This month is the last one. The 3 years ended in 2019. It’s not a difficult thing, as the accountant has to print a report in order to do the income taxes. Everything is computerized, so a report is generated with the mere press of a button. Yet every year, I have to ask for the report. This was Pierre’s idea and yet every year I wonder if I’m going to have to get a lawyer just to get a financial report that he contracted to give me. And as expected, I have not received any more money. This whole experience has really changed my opinion of Pierre and I hope others will read this entire blog before they even consider going into business with him.
Learn From My Mistakes 