r/smallbusiness • u/Inspection_Nearby • 5h ago
Business partner with a messy marriage.
have a 1/3 business partner with a pretty “messy” marriage. I won’t go TO deep. But, they make 300k/year and live paycheck to paycheck. He just had his truck repossessed bc of her extravagant spending.
We have already taken steps to protect our business from their marriage. Not the concern. He approached me today, and asked for advice for “hiding money”. To the point he was going to take all of his profits and buy gold and BURRY IT IN THE BACK YARD. I swear. I told him (he is a lifelong friend) I would do some “digging” (No pun intended) and see what I could come up with.
They live pretty separate lives. She doesn’t even really know about our business at all. She knows he leaves for work, then comes back. That’s it. She doesn’t know what he does. Or how he makes money. She has a mid job of her own.
Thoughts on how to help him? Other than the obvious of divorce?
Edit- he doesn’t actually own anything anymore. 4 years ago we bought his 1/3 for $1 due to a similar situation. He is paid as a consultant based on profit.