Starting up with your current boss

[fomb]

If you work for a company which has three directors, and the company is going down (through the fault of two of them) - is it wrong/clever/stupid to ask the third director if he wants to start up a new business before the first one keels over?

[flyingjase]

Sounds very sensible to me.......however that depends on the level of relationship you have with him versus his current business partners. If he can see them for who they are then your timing could be perfect (assuming he rates you).

Otherwise it could back fire, so just be prepared for that.

I set my business up having had a 'scuffle' with my former Chairman meaning my HR file had been stamped 'no further'. Sometimes you just have to throw your cap over the wall.

[GuinnessMK]

Who has the relationship with the customers?

[LooneyTunes]

Potential minefield (which isn't to say you shouldn't do it).

The questions I'd be asking myself at this early stage (assuming you think he already knows there's a problem) would be:

Whose business will it be?
How will the business relationship work? A marriage of equals or will he still be (perceive himself to be) the boss?
Do you need more people involved?
What are the implications for equity split?
How much cash do you need to get off the ground?
Where's the initial funding coming from? Are you at the point in your life where you can take the associated risk if you're putting some of this up?
Can you do it without him? If not, why him (what makes him so critical)?
Could he do it without you? What value do you add that he couldn't "buy in" from elsewhere?
How will your customers react?
How will your competitors (including the two left behind) act?
How will he/I get out (especially worth considering if there's a significant age difference)?

The biggies for me though have always been:

Do I like the chap?
Can I work with him?
Do I trust him?
Do we share the same vision?

Lots of questions - and there are undoubtedly more - but I suspect if you work through this list you'll start forming your own view pretty quickly about the best way forward. Don't expect to get a "perfect" score, but rather use the insight you develop to start identifying areas where there could be issues and/or things the two of you need to talk about - and also to demonstrate to him that you're going to "step up" and make it happen.

[Kudos]

Is he allowed to start afresh? e.g. does he have any Service Agreements or anything which prohibits him from starting in the same sector for 12 months or anything?

Does the current company owe any money to creditors? If it does, you may find that no one wants to touch him because of that.

I think he may struggle to get past the employer/employee relationship to one were you are equals

[rog007]

In addition to all of the sound advice above; does it feel right? If it does, then maybe it will be OK. If it doesn't, then I guess you have your answer.