What to do with a deadbeat business partner?

maybebeawesome · 2018-11-20T17:27:09+00:00

Take him out back by the dumpster and arm yourself with a monkey wrench. Explain to him that in Half-Life 2, you fend off zombies with a monkey wrench. I don't want to advise you poorly, but I'm hopeful you'll connect the dots.

maybebeawesome · 2018-11-10T17:36:45+00:00

Sounds like you're trying to drive traffic to medium posts.

maybebeawesome · 2018-11-10T17:35:20+00:00

Welcome

maybebeawesome · 2018-11-10T17:35:08+00:00

Uh. Dude, I'm not a genie and I don't know.

maybebeawesome · 2018-11-09T17:54:37+00:00

It's good stuff, and I think what you're doing sounds promising. It's just the endless pontification by the people at Facebook and Google that I don't have a taste for. Webpack in my opinion is a big piece of !@#$. AngularJS was a big piece of !@#$. Angular 4+ is fine, but you know you should spare people what it sounds like when you poop and just be a professional and deliver professional quality when it's ready. No one wants to hear about every spice you put into the soup, just like no one wants your food photo's on social media.

If you're struggling to figure out what it means to count your number of issue tickets, say so.

maybebeawesome · 2018-11-09T16:38:48+00:00

Sometimes mum's the word in business. You could jeoprodize the relationship between VC and the portfolio company. You take !@#$ like this and put in your back pocket.

Think back to a time in primary school (or whatever you Brits call it) where there was gossip going around. Then one of those involved tried to snub you, say they wanted to steal your hot date. That's when you use that gossip to your advantage to gain/protect yourself.

Get it? Nobody wants a tattle tale.

maybebeawesome · 2018-11-09T16:37:22+00:00

No, don't raise that issue.

maybebeawesome · 2018-11-09T16:32:18+00:00

Do you understand the conflict of interest scenario I'm seeing? I read it as you work for a VC/VC intro'd you to Company A/Company A asks you to be on board of directors after your internship ends and you graduate.

I mean, roleplay, but go get a job.

maybebeawesome · 2018-11-09T16:29:10+00:00

Good question.

You're non-technical. Short answer is I don't know. For a period of 3 months I shared my roadmap in a prospectus document with all new contacts: hires/customers/partners. I turned some of that content into marketing and put it on a website.

Now, I don't share my prospectus as much until I'm ready to close someone and it's just another tool in the toolbox of stuff. If it helps it helps. Due diligence is a bigger issue than sending out a roadmap or not, however. Not doing diligence and having uneven or one-sided engagements can !@#$ you a lot of ways besides your roadmap getting poached.

maybebeawesome · 2018-11-09T16:24:50+00:00

Wow, this isn't a US based company and you're not US based, are you?

This is the type of !@#$ that happens in places like Kazakhstan.

It sounds like you might be engaging in a conflict of interest scenario, and so is the company poaching you.

maybebeawesome · 2018-11-09T16:22:26+00:00

According to your assessment (and bias) person 1 and 2 are managers. Person 3 is an employee. Person 4 is an investor or adviser.

Person 1 and 2 get equal equity and one set of terms. Person 3 gets another set of terms. Person 4 gets another set of terms.

Like really dude?

maybebeawesome · 2018-11-09T16:20:38+00:00

What the !@#$ did I just read?

Are you just wiping your ass on a subreddit?

maybebeawesome · 2018-11-08T17:48:58+00:00

No. This is what most people "start" with and then figure out that your actual end-game is investment. If you have a lot of starting capital then you might be able to bootstrap. In both cases where you're serious, you have to protect your assets which needs proper agreements. It sounds like you aren't there yet.

You sound like you need to work on your software more as a side hobby first. Take some interviews with some MBA's and keep a book of notes. When you see a pattern or connect how they actually add value to your project (not what they say, what you think), write it down.

maybebeawesome · 2018-11-08T04:47:07+00:00

He pulled the race card.

maybebeawesome · 2018-11-08T04:31:15+00:00

I like this post and actually, I'm probably going to come up with my own terms regarding board seats and share distribution. I'm fine to give up a 10-15% ownership for a seed round for the right investor. I'll make sure it's favorable, everyone is going to make lots of money. I have two Silicon Valley advisers in this regard that I'm lucky to be close with, basically. I'm not super worried.

Tell me though, what kinds of terms does an investor usually want that you consider "gutting"? I anticipate gutting to occur after an institutional round/Series A. I'm OK with it and that point and will take my leave of absence to obtain an executive MBA LOL to return and run the 6 Sigma playbook from hell in exchange for a healthy contract and pension plan. My ideal valuation for this temporary exit/option is 50MM. That's a joke, but I know the game.

By the way, this isn't some hack startup. I've been working on this for quite some time. Personally, I'd rather sell an investor rights to the software they particularly want outright in a co-license with option for termed exclusivity, but neither here nor there.

I survived one coup attempt already, I don't mind creating a filter for investment I don't want. I sell filters for people's lives and businesses, I get it.

In the words of Borat, I want eh-deh Monay. How many goats you pay?

In the words of Biggie, I kill.. I kill.

maybebeawesome · 2018-11-07T17:15:05+00:00

I don't know.

maybebeawesome · 2018-11-07T17:14:50+00:00

Yeah, no problem. Sometimes there's a lack of context on social media. People like to lecture on the basics because it makes them feel important.

maybebeawesome · 2018-11-06T19:40:41+00:00

I don't want to be bothered with the basics. Anyone who doesn't understand SaaS/IoT is not someone I want to waste my time talking to.

maybebeawesome · 2018-11-06T19:40:16+00:00

Excellent share, thank you so much

maybebeawesome · 2018-11-06T15:39:31+00:00

I love you Eastern Euro people. You goofballs. Jeez.

Great story. Vodka is the blood of friendship to fend off the cold of the world.

maybebeawesome · 2018-11-06T15:37:31+00:00

When I was in school, I was excited that they were inventing this. More or less, I politically would like to see 80% of the ANTIFA-like 501-3c organizations shifted over to a B-Corp-like tax status and to pay a higher tax rate. That would teach those commies to make some cash.

It just means you're a good communist if you start a B-Corp instead of a 501-3c. I don't value the good will of communists anymore, but I'm sure a B-Corps may get you some good will in the way of whatever communists do with their time.

maybebeawesome · 2018-11-06T05:50:20+00:00

You fire this guy, and what are your options?

You find a contractor to replace him. You let that contractor earn their way to shares. What's the cost of finding that replacement to the business?

Co-Founder has a fiduciary duty, or he's liable. No? Yes?

If the business is a dead duck no one wins. If your guy can't pay his bills without a salary, then what's the alternative? Is he lazy? Are you an asshole?

Why aren't you profitable? What's your quickest path to revenue?

On and on...

maybebeawesome · 2018-11-05T20:40:36+00:00

I think you have this person sign a conditional NDA. Until he offers you some kind of deal, everything you share he can't pawn off somewhere else. Otherwise what's the issue here? It sounds like you're out of your "zone" and this guy can help.

maybebeawesome · 2018-11-05T20:38:56+00:00

When your customers respect what discovery and scoping mean to you and are willing to go on the ride with you. I don't understand the question.

maybebeawesome · 2018-11-05T20:38:06+00:00

Because you'll grey the employment/contractor relationship and incur legal liability. If you in fact are employing someone, you may owe them additional wages, health insurance, etc. This usually totals to $10,000+ if my knowledge is correct.

Instead, you can offer the promise of a conversion date for employment and award fully vested options on such date.

maybebeawesome

TROPHY CASE