I started a consulting business with a partner 7 months ago. Of that 7 months, he’s taken roughly 20% off for vacation in the early going of our startup. When we split everything 50/50 I don’t think this is fair to me or to the success of our business.
We otherwise have a good relationship and are doing well for being a young company. I’m learning that we should have put together a partnership agreement of some sort to avoid these types of issues, and I think that’s where I would like to take the discussion with him.
My biggest problem in starting to try to address this is that I can’t find any relevant examples that include vacation time. Making it even harder is that we don’t draw any standard salaries. We’re bootstrapping this thing and taking 35% of what we make apiece when we get money in.
So I’d like to know how you think I should handle this? Do I try to come to an agreed number of vacation days and if you go over you lose a representative percent of a quarterly cut? Is there a better/simpler option?