My rules are: Make it performance based Make sure what he is bringing to the table is equitable to the proposed share of the company Try to talk out exit strategy, where you are taking it, how you want to go and see if that matches up to what your new partner wants to do.
This all depends on the business structure you have setup (which you havent mentioned) but I assume it is an LLC or Corporation for your state, make sure it is in writing. Watch this video if you want: http://vimeo.com/6950199 Good luck. -Israel Robert West wrote: > I've had as few people approach me in the recent past wanting to partner up > with me and to be honest, I can really use someone to carry half the load. > I'm leery, however of getting screwed. (My father was in business for years > with one partner and after they took on another they all got screwed to the > point they were out of business) A requirement of a partner, for me, would > be someone buying in with enough cash to grow the company to carry the extra > weight of the new guy. The ones in the past turned out to be flakes with > only dollar signs in their eyes. Not a good fit for me, I'm not about cash > in my pocket, that comes with doing a good job and someone talking about > money all the time scares the hell out of me. > > > > I now have a guy who looks good. Has the assets and interest. Has 3 small > towers in parts in his barn, he has a barn converted to an office, > construction equipment, trailers, etc. He understands there won't be any > money flowing in his pocket for probably a year due to the expansion we're > doing. He says that's fine. He also has the billing and general paperwork > experience and background. (I absolutely hate dealing with the money and > paperwork) Looks good so far. The construction equipment would be a help, > no more begging things from farmers and making deals to get a hole dug. His > current gig is as an electrical engineer, travels around the world as a > contractor overseeing the repair and programming of robotics as well as the > installation of the equipment. He says he's tired of being gone all the > time and wants to stay in one area in a field that will be somewhat related > and complicated enough that he won't get bored. Hmmmmm.. > > > > I've been to his home a few times, even put in a private wireless connection > between him and his neighbor a mile away. Seems like a decent guy. > > > > Now he wants to sit down and work things out on paper. Any advice on things > to cover my ass on? Things some of you wished you had down on paper when > you started out? I'm not a partner kinda guy, my business plan is always in > my head, I make much of it up as I go along and I jump in and just do things > myself so this is new territory. (However, my total lack of organization > is due to the previously stated operation of the business plan) > > > > I know some will yell to not take on a partner and I'd be one of them, > believe me. That's why I've fought them off so long. But with a larger > network coming online and eyes for even more expansion, it's looking good to > me. (We currently only have a little less than 200 subs but anticipate > twice if not 3 times that to come online in 2010) I just don't want to be > out in the cold or screwed over due to my ability to trust. I'll never give > up more than 50%, won't happen, but there are many ways people can screw > others. > > > > It all sounds like picking the right person for marriage. (I have a bad > track record in that too!!! ) Do ya think maybe him and I should just kinda > "date" for awhile before we make the commitment? What would be considered > first base in this kind of thing....? Configuring a CPE after a few dates > then moving on to a customer installation then if it all goes well, take the > plunge and climb a tower together? > > > > Weird. > > > > Thanks. > > > > Robert West > > Just Micro Digital Services Inc. > > 740-335-7020 > > > > > > -------------------------------------------------------------------------------- > WISPA Wants You! Join today! > http://signup.wispa.org/ > -------------------------------------------------------------------------------- > > WISPA Wireless List: wireless@wispa.org > > Subscribe/Unsubscribe: > http://lists.wispa.org/mailman/listinfo/wireless > > Archives: http://lists.wispa.org/pipermail/wireless/ > -------------------------------------------------------------------------------- WISPA Wants You! Join today! http://signup.wispa.org/ -------------------------------------------------------------------------------- WISPA Wireless List: wireless@wispa.org Subscribe/Unsubscribe: http://lists.wispa.org/mailman/listinfo/wireless Archives: http://lists.wispa.org/pipermail/wireless/
