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Hello, long story which I will abbreviate
employed with a firm for 25 years, my role is that of fee income earner. I generate 2/3 of income. I exceed target which in theory 2/3 of company profit derives from. If I stuck to target, company would only have a tiny profit
a few years ago I was given a loose title of Ops Director, though I am not a company director. There was 2 directors, 1 owner (100%) who was MD and the other was just a director on paper only. Owner did what he wanted.
Anyway, owner died a year ago leaving sole director to run business.we discover his son (heir) has been on the payroll years, frustrating as we have always been understaffed.
the director relies on me heavily to an extent where my fee income and personal income has reduced considerably (down 70k in personal earnings). To be honest, me being MD would be a more effective option, but can’t do much
anyway, new owner is going to be the 25 year old son. Never done a days work in his life. Lives abroad etc etc.
6 months ago the director and I proposed we be given a share of the company each (70% to him and 30-% share between us). We would run the company and he will get a dividend for doing nothing. What kid would turn down no hassle and £300k a year.
However, 6 months later, still no straight answer. Passing comment at last meeting was he didn’t know if he wanted to keep the firm.
I feel stupid now having sacrificed my earnings for the good of the company (company has improved drastically over the last year). The company as an entity I feel is responsible for my lower earnings, due to the fact that it’s put upon me additional tasks and drained the time I have available to earn fee income.
Now we have been messed around with by the future heir, avoiding our emails where possible. Surely it’s wise business sense to shore up your top employees, not leave them dangling and uncertain). Probate now granted so he has to show his hand soon.
However, the past year has taken its toll on me mentally and financially. After so long with the firm, genuinely caring for it and our clients, I feel the executors, which the kid is one, have let us all down. We have engaged with the kid because he’s the future owner and executor but no other executors or even the kid has proactively been in touch to show any interest.
even in the will (copy obtained), the company doesn’t get a mention. He left £15k to a woman who was sleeping with someone else behind his back (they weren’t dating when he wrote the will). Yet nothing in the will to cater for the company or any succession. I believe he knew he was dying. He nearly died 12 years beforehand and we have carried him and doubled the firm’s value since then.
Therefore, I do feel i am going to be forced to resign. The stress put upon me, the uncertainty etc and dealing with a 25 year old posh kid who frankly doesn’t care for the staff, it’s just awful.
any legal views here?
employed with a firm for 25 years, my role is that of fee income earner. I generate 2/3 of income. I exceed target which in theory 2/3 of company profit derives from. If I stuck to target, company would only have a tiny profit
a few years ago I was given a loose title of Ops Director, though I am not a company director. There was 2 directors, 1 owner (100%) who was MD and the other was just a director on paper only. Owner did what he wanted.
Anyway, owner died a year ago leaving sole director to run business.we discover his son (heir) has been on the payroll years, frustrating as we have always been understaffed.
the director relies on me heavily to an extent where my fee income and personal income has reduced considerably (down 70k in personal earnings). To be honest, me being MD would be a more effective option, but can’t do much
anyway, new owner is going to be the 25 year old son. Never done a days work in his life. Lives abroad etc etc.
6 months ago the director and I proposed we be given a share of the company each (70% to him and 30-% share between us). We would run the company and he will get a dividend for doing nothing. What kid would turn down no hassle and £300k a year.
However, 6 months later, still no straight answer. Passing comment at last meeting was he didn’t know if he wanted to keep the firm.
I feel stupid now having sacrificed my earnings for the good of the company (company has improved drastically over the last year). The company as an entity I feel is responsible for my lower earnings, due to the fact that it’s put upon me additional tasks and drained the time I have available to earn fee income.
Now we have been messed around with by the future heir, avoiding our emails where possible. Surely it’s wise business sense to shore up your top employees, not leave them dangling and uncertain). Probate now granted so he has to show his hand soon.
However, the past year has taken its toll on me mentally and financially. After so long with the firm, genuinely caring for it and our clients, I feel the executors, which the kid is one, have let us all down. We have engaged with the kid because he’s the future owner and executor but no other executors or even the kid has proactively been in touch to show any interest.
even in the will (copy obtained), the company doesn’t get a mention. He left £15k to a woman who was sleeping with someone else behind his back (they weren’t dating when he wrote the will). Yet nothing in the will to cater for the company or any succession. I believe he knew he was dying. He nearly died 12 years beforehand and we have carried him and doubled the firm’s value since then.
Therefore, I do feel i am going to be forced to resign. The stress put upon me, the uncertainty etc and dealing with a 25 year old posh kid who frankly doesn’t care for the staff, it’s just awful.
any legal views here?
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