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Updated almost 8 years ago,

User Stats

19
Posts
0
Votes
CJ S.
  • Investor
  • Tulsa, OK
0
Votes |
19
Posts

Business partner wants to breach contract with my blessing

CJ S.
  • Investor
  • Tulsa, OK
Posted

I have a signed contract with several people to be their gateway to free training with a national instructor, as well as a gateway to pre-approved lending on flips. I mentor them in addition to the professional training and offer field support.  The agreement specified a 24 month committment during which time we would split profits 50/50.  After 24 months they can fly solo or re-up for continued partnership support and source of financing.  To protect my time and financial interests -which are significant - the contract specified that the trainee does not have a right to terminate the agreement early and I can only terminate them for breach of agreement obligation or criminal/unethical actions. I have not breached my obligation to him but one trainee wants to terminate our agreement to each other after finishing his training but before he has done any deals with me, yet he is still  subscribing to the instructors training and lending site and his software.  If he intends to continue to pursue flips and wholesales for profit I feel he should honor the remainder of our agreement.  I don't think he entered into the agreement intending to break it, but he has become frustrated with a lack of initial success and the fact that the lenders tightened restrictions on first time flippers and now require 4 wholesale deals before lending for flips. For the record  I cannot afford to provide someone with training and funding at no cost to them so they can become my competition without any financial return to myself.  Any thoughts on how to approach him to preserve the partnership so that we each benefit?

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