Conflict of Interests?

[George Tom]

Jurisdiction

Massachusetts

I am employed as the VP of Sales for a Massachusetts corporation and I have learned of a business opportunity from my current employer. It is a competing business that is for sale. My current employer has evaluated the business and made an offer which was rejected as too low. It has been 6 months now and my current employer is not actively pursuing the purchase of the competing business (the President stated he wouldn't spend anything more for the competing business). Is it a conflict for me to purchase the business? Is there any law that I could be sued for ? I am not under any contract or non-compete agreement.

 

[army judge]

I am employed as the VP of Sales for a Massachusetts corporation and I have learned of a business opportunity from my current employer. Is it a conflict for me to purchase the business? Is there any law that I could be sued for ? I am not under any contract or non-compete agreement.

If ALL that you reveal is 100% TRUE, consult an attorney BEFORE you do anything to procure the business.

 

[adjusterjack]

Is it a conflict for me to purchase the business? Is there any law that I could be sued for ? I am not under any contract or non-compete agreement.

You are employed at will which means your employer can fire you for any reason or no reason as long as it's not in violation of anti-discrimination laws.

There is nothing to stop him from firing you if he changes his mind and decides he doesn't like the competition. Even if you got written permission from the President of the company, you would still be at risk of termination on his whim.

Not only won't there be anything you can do about it but you'll probably not qualify for unemployment compensation when you own and operate another business.

If you want to buy the business make sure you are prepared to make a go of it when you get fired.

By the way, if your employer thinks the price of the business is too high I suspect he's a lot smarter at it than you are. Take the hint.