If you are a Ccorp, easy to convert to Scorp, if it determines appropriate.
But yes, definately pre-define the exit strategy, considering wether it would be you or him exiting, and both. The horror stories in Partnership occur most at exit time. Tom DeReggi RapidDSL & Wireless, Inc IntAirNet- Fixed Wireless Broadband ----- Original Message ----- From: "Robert West" <robert.w...@just-micro.com> To: "'WISPA General List'" <wireless@wispa.org> Sent: Thursday, October 22, 2009 11:30 AM Subject: Re: [WISPA] Partnership Agreements > We're a full C corporation. I never thought about Exit strategy but I > have > thought about the death of one of the partners, hopefully from natural > causes.... and how their share should be handled. > > -----Original Message----- > From: wireless-boun...@wispa.org [mailto:wireless-boun...@wispa.org] On > Behalf Of Israel Lopez-LISTS > Sent: Thursday, October 22, 2009 11:24 AM > To: WISPA General List > Subject: Re: [WISPA] Partnership Agreements > > 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! 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