I worked as the General Manager of a small shop and shared duties with a behind the scenes owner. As part of a wage compensation he promised a 40% bonus, based on the profits of the business. He stated this in an informal letter in 1990. For the years of 1996 thru 2003 he did not pay the full compensation because of a mutual agreement to temporarily retain some of the net profits in order to balance cash flow and improve the business. This was with the understanding that when the company could afford the cash outlay the debt would be completed.
The owner, has recently, sold the business for considerable profit and has stated that the monies are no longer owed. Am I entitled to any compensation and if so how do I go about collecting.
The owner, has recently, sold the business for considerable profit and has stated that the monies are no longer owed. Am I entitled to any compensation and if so how do I go about collecting.
