I have a couple of small English schools, which I was originally running all by myself (on alternate days). As things are expanding, I've decided I need a manager to come in and take charge of one of the schools so that I can concentrate on the second school.I believe I've found a couple of strong candidates, I'm just unsure how to work out the financial side for the best. For example, we've agreed they'll take all profits, while I take a small cut. But, should rent and other bills (little other expenses, as rent is all inclusive) be deducted prior to the profit split, or is it reasonable to expect me to still pay for this? Ideally I'd prefer a franchise kind of setup, which is my goal, but I believe it's still a year too early...
Anyone got any past experience with this kind of arrangement?
Thanks!