carl1647545492 Posted August 5, 2020 Report Share Posted August 5, 2020 I'm looking to partner with someone I have had a business relationship with for 6 years and have some reservations about the agreement/percentage paid, really I think they are low. We seem to compliment each other on many other parts of the business I'm the doer he is the back end office type so we are good there. Thanks in advance. Quote Link to comment Share on other sites More sharing options...
Tractor Posted August 5, 2020 Report Share Posted August 5, 2020 Well if its not 50/50 then who's business is it, you say your the doer. Does that mean the labor only? and sounds like the partner does the office work so is that a glorified accounting guy or is he doing a bunch of sales? Without knowing the rest of the story and business type its hard to say. I'm hopefully about to venture down the partnership road myself and have been thinking a lot about how it will work. In my case I'm capable of executing the work, doing all the office stuff, and need help with dispatching and sales. I'm willing to give my partner 50/50 pay if they are as dedicated as I am. I'd prefer to keep control of the company and that can be written into the legal stuff. Quote Link to comment Share on other sites More sharing options...
STEVE-O Posted August 5, 2020 Report Share Posted August 5, 2020 Al depends as well the financial investment into the company .. just because you can do 50% of the work is someone else is backing it and providing their share of the work as well I wouldn’t expect it to be a 50/50 split Quote Link to comment Share on other sites More sharing options...
Otis Nice Posted August 5, 2020 Report Share Posted August 5, 2020 Too many variables and lack of info for anyone to give solid advice. Quote Link to comment Share on other sites More sharing options...
carl1647545492 Posted August 5, 2020 Author Report Share Posted August 5, 2020 Backstory...I have been in the Advertising industry for about 20 years and met with Brian,he is the owner a small regional ad company,I started as a sales rep proved myself and got paid well.He sold the company a year later he kinda retired for a bit and I went to work for someone else doing very well for myself producing solid results. In the last 6 years I worked on some projects with Brian,(he eventually got bored being retired) I produced good results and because of that was interested when he wanted to start a new "online cell/app" type product and make me a partner.This would be starting from nothing no clients to speak of,my prime job would be customer acquisition/train new ppl to do the same. All good so far, apart from the compensation.He drew up a agreement for me to sign and here is my hesitation my % seem low when we sell the company and the $$ on a ongoing basis seems a tad low too. I can negotiate with him of course,we do not argue our beliefs goals align pretty well in fact, I'm the doer he's the idea guy more of a business owner behind the scenes and it works out.The goal is to have a big tec co buy the idea down the line I'm obviously ok with that as I will get a payoff. I have not invested in the LLC and I'm not currently part of it (I wasn't asked to) I wonder if he really wants a partner if he can give a smaller piece to make me feel good ? I,m cognizant that I need to have the details set before we get rolling,I have briefly spoken with a Attorney a referral of my CPA,he suggested I may want to be part of the LLC to get a say in what happens in the business. What is fair to ask for? 25% of the company ? The goal is to roll out locally then go national build it up and sell it. Is leaving room for investors to own a piece a good reason to keep my part low? This knowledge is not in my lane unfortunately thanks in advance. Quote Link to comment Share on other sites More sharing options...
Tractor Posted August 5, 2020 Report Share Posted August 5, 2020 Oh one of those. Well I hope it works out I was thinking it was more established. I have no idea then other than if you think it's really gonna work keep yourself involved so you can get something eventually. Quote Link to comment Share on other sites More sharing options...
Mensan Posted August 5, 2020 Report Share Posted August 5, 2020 Carl you’re better off asking a business attorney than CR. Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted August 5, 2020 Report Share Posted August 5, 2020 Sounds like its no partnership at all, but you are just getting a position for the work you do, and potentially a reward at the end if it goes to plan... If that compensation is worth your time, then all good. Sounds like he would retain all the risk should it not work out. If you want to also hold risk, you should be justly compensated for doing so. Risk = Reward usually....or at least higher percentages. Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted August 5, 2020 Report Share Posted August 5, 2020 Carl you’re better off asking a business attorney than CR. This....but one thing I will add.... this idea that there needs to be "room for investors" seems off. You aren't talking about a publicly traded company - it's privately held So any investor is just buying their share of the company off whomever is holding shares. What I think your partner is concerned about is that if you have too large a share then when an investor buys in you get some of that money as you may have to give up some of your stake. And if you don't (since it is yours and you do have a choice) you may end up with a larger percentage of ownership than him and thus more control. just something to think about. Quote Link to comment Share on other sites More sharing options...
carl1647545492 Posted August 5, 2020 Author Report Share Posted August 5, 2020 Carl you’re better off asking a business attorney than CR. Yes,I like the fast feedback you can get from a forum not absolute but. I joined this looks like it may be a good resource as a mentoring platform.https://columbusoh.score.org Quote Link to comment Share on other sites More sharing options...
Otis Nice Posted August 5, 2020 Report Share Posted August 5, 2020 Carl you’re better off asking a business attorney than CR. 100% this. Quote Link to comment Share on other sites More sharing options...
carl1647545492 Posted August 5, 2020 Author Report Share Posted August 5, 2020 ^No question,did a 10 minute telephone call last week with a Attorney referral its hard to say I he is my guy from a short call but we will see. The mentoring group SCORE looks like a great idea as they have retired CFO,s CEO,s that they "pair" up with you they essentially mentor you where you may be able to become more than a paying customer.I would do better with this bc of the relationship aspect. Did I mention it was free? Has anyone used it?? https://www.score.org Quote Link to comment Share on other sites More sharing options...
Forrest Gump 9 Posted August 6, 2020 Report Share Posted August 6, 2020 Swing for the fence, asking 50% or 33% (depends on your own valuation) and see what happened? Worst he says no Quote Link to comment Share on other sites More sharing options...
nurkvinny Posted August 6, 2020 Report Share Posted August 6, 2020 When entering my partner, I give her 100%. My Yelp reviews are not very good, however. Quote Link to comment Share on other sites More sharing options...
cstmg8 Posted August 6, 2020 Report Share Posted August 6, 2020 When entering my partner, I give her 100%. My Yelp reviews are not very good, however."Play a little game called just the tip" Sent from my Pixel 3 XL using Tapatalk Quote Link to comment Share on other sites More sharing options...
carl1647545492 Posted August 7, 2020 Author Report Share Posted August 7, 2020 When entering my partner, I give him 100%. My Yelp reviews are not very good, however. SRY Quote Link to comment Share on other sites More sharing options...
Tractor Posted August 7, 2020 Report Share Posted August 7, 2020 I looked into SCORE awhile back when I was starting my company. I got sick so I haven't been able to revisit them. It does seem like a very good idea and I'm sure its only as good as the people volunteering within it and how well you can find a match to you and could be very a very valuable resource. For me I'd need help more in the legal and HR realm and have a pretty good handle on daily operations, accounting etc for now. Quote Link to comment Share on other sites More sharing options...
Tractor Posted August 7, 2020 Report Share Posted August 7, 2020 While we're on the subject, does anyone have any experience finding a partner? I'm dreaming of the day when I get diagnosed and maybe even treated so that I can stop just hanging on and actually begin to grow my company. My problem is I'm an introvert and just don't have friends and don't meet people like a normally social person would. My dream partner would be able to handle the sales side of the business and I'll let them have it. So direct sales, client relationship stuff, hiring and training sales staff etc. The entire sales side that I have zero experience with and zero ability to handle. Right now I could hire a dispatcher at a minimum and if they could do sales they could get a cut and probably make a very good wage for a work from home position that is actually extremely easy, right now I do it myself from up on ladders, underdesks, or while working on complex systems and I have to miss a lot of jobs while working. Right now the company is doing very well considering its just me and I can only put 5-15 hours a week into it which is extremely frustrating when you have big goals. Quote Link to comment Share on other sites More sharing options...
carl1647545492 Posted August 7, 2020 Author Report Share Posted August 7, 2020 I wouldn't sell yourself short,we are all products of our upbringing and can change that if we want it enough. Do you incentivize your existing customers to refer their friends? Quote Link to comment Share on other sites More sharing options...
Tractor Posted August 7, 2020 Report Share Posted August 7, 2020 I have no existing customers right now my work is 99% market based field service work that I 100% do not have to sell myself to anyone to get. They need a body to go do something and I do it and for them I'm cheaper than flying an engineer here and for me it pays a shit load because I'm still cheaper than the alternative. It's all done through apps off my phone and I don't even talk too anyone at times. I know some people who say they can't sell just haven't tried, but in my case I'm absolutely not able to do that. I have autism spectrum disorder so I'm extremely awkward talking to people and just need any social encounter to end as quickly as possible. I am however extremely good at what I do with the technology and I have thousands of five star reviews on the platforms that I use to get jobs. on the bright side I do have a large network of companies who have moved me to their preferred list because I get the job done every time no matter what even if I have to lose profit to do it. My competition around here is pretty lame and I find that project managers have a lot of trouble getting a guy to show up or maybe not show up drunk. Quote Link to comment Share on other sites More sharing options...
carl1647545492 Posted August 7, 2020 Author Report Share Posted August 7, 2020 Works then, they are not hiring a stand up comedian push your online ratings to get in the door your set. Quote Link to comment Share on other sites More sharing options...
Tractor Posted August 7, 2020 Report Share Posted August 7, 2020 Yeah true in the platforms I do have an edge and I've used my SEO skills profile writing skills and such to my advantage with good success. The hard part for me will be translating that down to customers in my local area. Right now I deal directly with large Corp it departments and project managers for hundreds of managed services companies on a very task-specific job and pay type. I have one law Office customer here that I actually got myself where I cover his server maintenance. Otherwise I do deal directly with a large Denny's franchise owner over 30 restaurants. Quote Link to comment Share on other sites More sharing options...
carl1647545492 Posted August 8, 2020 Author Report Share Posted August 8, 2020 I would be happy to give you some pointers,not a trainer per se just a student of the game.If you want to talk pm me with a number, cheers Carl. Quote Link to comment Share on other sites More sharing options...
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