*If the most of the dept goes with him, start over by your self.
I was in business for 15 years myself. The bigger I got,the more head aces I had (6 employees, morgages, insurance payments, sales tax,loan interest for new product collecting dust, and then selling at cost to unload. ect ect)
I finally pulled the plug. I would start over in a heart beat, in a small garage, me, myself, and I- only! And only service work, as sales is to cut throat now days, not much customer loyalty these days. No partners, never works. (most of the time) One gets lazy and if he has controling interest, look out.
Finding a silent partner is ok, but you still have all the overhead (and I take it all the inherited overhead from the previous partner.) If it is going under, get out, and start over by your self, small scale and work back into it. Keep your overhead low.
If you have a good following, send out a letter to all, that you are going to work out of: a) your garage untill you can find sutable real estate
b) a differant location that you can get reaonable to keep with in your means
You've had a taste of it, working for your self is very rewarding. Also a pain in the neck at times. The long hours are woth it.
Good luck MG308! :thumb: