Saint99:
Yes it happened to Steve Job of Apple

Same thing happened to the founder of Healthplus pharmacy.

Premiumwriter2:
I'll personally draft and create a contract and get the very first investors to sign that at all times I'll own 60% of the shares.

All share sales and dilution will come from the remaining 40%. Can't come and form a company and then some modaf*ckers will push me out.

You won't find investors....that clause in the contract will scare investors away.

Can only happen if he does not own the ultimate shares but he does own the ultimate it's very much impossible.

thebosstrevor1:


If you want to grow very big, sole proprietorship is not the way to go.

Anyway, if you are scared of partnership, just give yourself the controlling interest in your holding company.

I've learnt a new one today. Thanks a lot..

Cisco is an example.

Yes absolutely correct,he can be fired and paid off.

Yea possibly but you are gonna need alot of board votes, company shares, issurance etc to do that. U think someone just made a company to get fired from it?

Premiumwriter2:
I'll personally draft and create a contract and get the very first investors to sign that at all times I'll own 60% of the shares.

All share sales and dilution will come from the remaining 40%. Can't come and form a company and then some modaf*ckers will push me out.

lols. See m wahala o. For my company

LagbajaTheBEREAN:

Lass lass, na sole propertorship go be the koko be that, partnership is not advisable bi that buh pesin wey no con get bar how hin wan take start sef...

You can't grow to a cooperate entity if you're sole proprietor

Mandesz:
It's not possible. The owner of the company appoints director of be the cost. He can also fire them as well. He's likely to appoint relative or somebody loyal to him.

how is it not possible. have you heard of Steve Jobs?

Switch07:



You can't grow to a cooperate entity if you're sole proprietor

I appreciate that fact but we might need to start from point A before we can talk about point Z.

Or what do you think?

Saint99:
Yes it happened to Steve Job of Apple

not like he was fired, he only stepped down a bit like a sort of retirement plan of which all companies owners do it especially if they have a trusted person nas they need to teach him how to run the company just incase of a demise. Bill gate also did it, for years now gates is no longer the ceo but Microsoft can't do without that name so for generations gate will only sit and earn. Don't be surprised dangote is not necessarily running the coy, he's the head already, he's work everything, all he does is eat and sign papers.

stanley000:
Yea possibly but you are gonna need alot of board votes, company shares, issurance etc to do that. U think someone just made a company to get fired from it?

Correct. Only founders who don't have senior management knowledge can be so removed.

No smart founder can be taken off easily.

Casper21:
The question “Can the board of directors fire the owner?” is becoming increasingly contentious. CEOs and founders of companies often find themselves out of a job after being fired by means of a vote undertaken by the board of the company. If the person in question is not the owner of a controlling share in the company, there is not much they can do to avoid being fired.

Sharing the ownership of a company leads to loss of total control over it. As external investors are brought in, owners' shares get diluted, and the founder of a company can often find that he or she owns less than half of the shares in that company. This leaves him or her at risk of being fired.

If a CEO has a contract in place, he or she may get fired at the end of that contract period, if the company has new owners or is moving in a new direction.

The CEO, despite being the person who incorporated the company, often gets fired in times when the company is experiencing a slump in financial performance. This is because internal company politics and differing leadership styles render people vulnerable.

If a founder gets fired, then the company's investors have obviously lost confidence in that founder's ability to establish profitability. Or, in the case of a company that is already turning a profit, they do not consider the founder capable of helping the company grow and evolving to meet the needs of a changing market.


...Strategies for Avoiding Dismissal....

Tech Crunch advises executives to always remain defensive, working with key players and building personal relationships with board members and shareholders. These, according to Tech Crunch, are the most important strategies in defending oneself from being attacked by the board of one's own company.

Founders and CEOs need to focus on more than the fact that they are indispensable – they also need to recognize the areas in which they are vulnerable. They can do this in a number of ways:

Knowing whether or not a board vote is enough to fire them.

Being aware of whether or not alleged wrongdoings need to have taken place in order for them to be dismissed.

Keeping one's ears open to listen for complaints and expressions of discontent, and
Being careful of the contracts that they sign.
An important step that CEOs can take to protect their position is to get all promises in writing. A CEO should never trust anybody who claims to always have his or her back.

Very possible, if he doesn't have controlling shares in the company.

The more shares the founder sells, the more money he makes the more valuable the company becomes, the more controlling shares he loses

Casper21:
The question “Can the board of directors fire the owner?” is becoming increasingly contentious. CEOs and founders of companies often find themselves out of a job after being fired by means of a vote undertaken by the board of the company. If the person in question is not the owner of a controlling share in the company, there is not much they can do to avoid being fired.

Sharing the ownership of a company leads to loss of total control over it. As external investors are brought in, owners' shares get diluted, and the founder of a company can often find that he or she owns less than half of the shares in that company. This leaves him or her at risk of being fired.

If a CEO has a contract in place, he or she may get fired at the end of that contract period, if the company has new owners or is moving in a new direction.

The CEO, despite being the person who incorporated the company, often gets fired in times when the company is experiencing a slump in financial performance. This is because internal company politics and differing leadership styles render people vulnerable.

If a founder gets fired, then the company's investors have obviously lost confidence in that founder's ability to establish profitability. Or, in the case of a company that is already turning a profit, they do not consider the founder capable of helping the company grow and evolving to meet the needs of a changing market.


...Strategies for Avoiding Dismissal....

Tech Crunch advises executives to always remain defensive, working with key players and building personal relationships with board members and shareholders. These, according to Tech Crunch, are the most important strategies in defending oneself from being attacked by the board of one's own company.

Founders and CEOs need to focus on more than the fact that they are indispensable – they also need to recognize the areas in which they are vulnerable. They can do this in a number of ways:

Knowing whether or not a board vote is enough to fire them.

Being aware of whether or not alleged wrongdoings need to have taken place in order for them to be dismissed.

Keeping one's ears open to listen for complaints and expressions of discontent, and
Being careful of the contracts that they sign.
An important step that CEOs can take to protect their position is to get all promises in writing. A CEO should never trust anybody o claims to always have his or her back.

Steve Job was first fired from apple he Co founded by the board before he was brought back years later to change the fortunes of apple. it is only a CEO that has upto 50% +1 share that cannot be fired

Premiumwriter2:
I'll personally draft and create a contract and get the very first investors to sign that at all times I'll own 60% of the shares.

All share sales and dilution will come from the remaining 40%. Can't come and form a company and then some modaf*ckers will push me out.

Then, you don't know the meaning of shares dilutions...
As the company grows, your shares gets diluted.... Your 60% can become 5%>>>

Premiumwriter2:
I'll personally draft and create a contract and get the very first investors to sign that at all times I'll own 60% of the shares.

All share sales and dilution will come from the remaining 40%. Can't come and form a company and then some modaf*ckers will push me out.

It doesn't work that way, ask corporate lawyers.


SEC will not approve it, no serious investor will come on board. It is better to remain as a sole proprietor

thebosstrevor1:
Yes.

Many startups founders suffer from this problem. They eventually become employees or they get sack from the company they founded

Smart founders do not allow outside investors have a higher share than them.

Your last sentence is not true. Bill Gates owns just 1% of Microsoft.

It happens in my current place of work (pension fund administrator), the founder was the chairman for almost 12 years, but no longer the majority share holder, what brought the dispute that led to eventual sacking of the chairman was the issue of appointment of MD. The founder want to appoint a new MD meanwhile the board members want to retain the MD, when the share holder meeting was held the chairman announced the sacking of the MD and the board members rejected the sack because the chairman felt that he is a demi- god, immediately a vote was conducted and a new chairman was appointed, but that not the end, alot of fighting came up but Pencom have to step in and give verdict to the board of directors.

Plus5:


Correct. Only founders who don't have senior management knowledge can be so removed.

No smart founder can be taken off easily.

right. No one founds a company that will fire him rather they build the company and step down for a hier like a retirement, but for some companies especially the tech company it can happen especially when u the founder can't come up with something innovative for a very long while. But a production company like dangote, never!dangote can only retire and have someone else running things and he will create a trust fund to cover all revenues etc

Mandesz:
It's not possible. The owner of the company appoints director of be the cost. He can also fire them as well. He's likely to appoint relative or somebody loyal to him.

Get educated about business and corporate law

Casper21:
The question “Can the board of directors fire the owner?” is becoming increasingly contentious. CEOs and founders of companies often find themselves out of a job after being fired by means of a vote undertaken by the board of the company. If the person in question is not the owner of a controlling share in the company, there is not much they can do to avoid being fired.

Sharing the ownership of a company leads to loss of total control over it. As external investors are brought in, owners' shares get diluted, and the founder of a company can often find that he or she owns less than half of the shares in that company. This leaves him or her at risk of being fired.

If a CEO has a contract in place, he or she may get fired at the end of that contract period, if the company has new owners or is moving in a new direction.

The CEO, despite being the person who incorporated the company, often gets fired in times when the company is experiencing a slump in financial performance. This is because internal company politics and differing leadership styles render people vulnerable.

If a founder gets fired, then the company's investors have obviously lost confidence in that founder's ability to establish profitability. Or, in the case of a company that is already turning a profit, they do not consider the founder capable of helping the company grow and evolving to meet the needs of a changing market.


...Strategies for Avoiding Dismissal....

Tech Crunch advises executives to always remain defensive, working with key players and building personal relationships with board members and shareholders. These, according to Tech Crunch, are the most important strategies in defending oneself from being attacked by the board of one's own company.

Founders and CEOs need to focus on more than the fact that they are indispensable – they also need to recognize the areas in which they are vulnerable. They can do this in a number of ways:

Knowing whether or not a board vote is enough to fire them.

Being aware of whether or not alleged wrongdoings need to have taken place in order for them to be dismissed.

Keeping one's ears open to listen for complaints and expressions of discontent, and
Being careful of the contracts that they sign.
An important step that CEOs can take to protect their position is to get all promises in writing. A CEO should never trust anybody who claims to always have his or her back.

A film titled, Jobs comes to mind .
It was all about Steve Jobs and his company, apple. He got fired by the board of directors of his own company .

Even if you get kicked out, you still remain the founder of the company occupying a non functional or ceremonial post, but kicked out of decision making, this is because u sold out majority shares to investors who want their money to grow by all means not minding u are at the helms or not...

Premiumwriter2:
I'll personally draft and create a contract and get the very first investors to sign that at all times I'll own 60% of the shares.

All share sales and dilution will come from the remaining 40%. Can't come and form a company and then some modaf*ckers will push me out.

no serious investor will bring his money for that

Emmyloyalty:


Your last sentence is not true. Bill Gates owns just 1% of Microsoft.

Most Nigerian founders will never be bill gates and we are talking about Nigeria.

Premiumwriter2:
I'll personally draft and create a contract and get the very first investors to sign that at all times I'll own 60% of the shares.

All share sales and dilution will come from the remaining 40%. Can't come and form a company and then some modaf*ckers will push me out.

Hence do not borrow more than what you have, because in some cases, your shares are used to settle your debts which will in turn reduce your ownership of the said company. Once you loose majority shares via litigations from personal debts, you have no control.

Elon Musk with PayPal
Steve Jobs with Apple...
Yes these owners were sacked by their BODs

Premiumwriter2:
I'll personally draft and create a contract and get the very first investors to sign that at all times I'll own 60% of the shares.

All share sales and dilution will come from the remaining 40%. Can't come and form a company and then some modaf*ckers will push me out.

that's not how it works though. The process of selling shares of a company is to increase its liquidity for expansion (more funds). Before someone invest in a company, you have to show your financials (total assets, both fixed and liquid). That's one of the determinant of how much each share of your company is worth. The other is the potential for growth.
All those jargon I just said means, it depends on how much you want. If selling 40% shares is not enough, what will you do??

Mandesz:
It's not possible. The owner of the company appoints director of be the cost. He can also fire them as well. He's likely to appoint relative or somebody loyal to him.

You should try read more business books please.

Yes they can ask the owner to step aside

Premiumwriter2:
I'll personally draft and create a contract and get the very first investors to sign that at all times I'll own 60% of the shares.

All share sales and dilution will come from the remaining 40%. Can't come and form a company and then some modaf*ckers will push me out.

............
Your submission isn't practicably applicable in corporate world. Read how Adenuga pushed former President, Gen. Yakubu Gowon out of African Petroleum. Just guard yourself. You become more predisposable, the moment your incorporated company grows to level of trading on the Nigerian Stock Exchange!
Immediately, Security Exchange Commission register and vet daily your company performance trends. They are absolute CRAZIER THAN THE STOCK EXCHANGE COMMISSION!
Reasons, big businessmen always use Abuja connection to PUSH OUT THE DIRECTOR GENERAL OF SECURITY EXCHANGE COMMISSION.
NSE is paddy-paddy activities. Which Dangote used over Otedola's defunct Zenox Oil!
SEC are weyreys. Strictly pros. Even NSE guys fear them.

Oyerinde16:
Even if you get kicked out, you still remain the founder of the company occupying a non functional or ceremonial post, but kicked out of decision making, this is because u sold out majority shares to investors who want their money to grow by all means not minding u are at the helms or not...

Correct.

Premiumwriter2:
I'll personally draft and create a contract and get the very first investors to sign that at all times I'll own 60% of the shares.

All share sales and dilution will come from the remaining 40%. Can't come and form a company and then some modaf*ckers will push me out.

If it's publicly listed, regulators have the power to evict you. There's something called corporate governance.