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First off you should be talking to him and not to us, have you voiced your concerns? What was his response? Come up with a plan on how he can do better and what
by javery 16y ago
First off you should be talking to him and not to us, have you voiced your concerns? What was his response? Come up with a plan on how he can do better and what you expect from him.
If he doesn't execute on that plan then it's time to talk about buying out his share or getting someone else to buy it out. Do you have a partner agreement? What are your options?
- troubled1 16y agoWe have spoken on the sales issue repeatedly. He is currently suggesting that I too join sales and let the tech on a slow burner. Sadly I am not a start salesman, and even if I was. I don't want to be pulling the wagon all alone. Buying wise, we both are at the end of our savings, no one can afford to buy the other. And there currently doesn't seem to be any funds raising in sight.
- uptown 16y agoCan you bring in a salesperson that works exclusively on commission? What kind of price range does your product fit into?
- troubled1 16y agoWe are working on that now. It might give us more breathing air but still will keep us with a CEO (him) that I cannot trust professionaly.
- jacquesm 16y agoIn a two man company there is no CEO.
- thafman 16y agoCannot agree more, some of the biggest problems at all stages of start-up life arise from "title-ing" i.e. co-founders giving themselves C-level or VP-Level titles and then trying to act as such.I once was introduced to a three-founder start-up whole all wanted to run the show. They ended up calling themselves Chairman, CEO and Chief Visionary Officer.
- uptown 16y ago"...but still will keep us with a CEO (him) that I cannot trust professionaly." If that's truly the case, then you're done as business partners.
- javery 16y agoBut a third party could buy into it. If the company has real potential then I would look for a strong business/sales person who might be interested in buying your partner out. It shouldn't cost too much if you aren't making that much money, and this way you know the new partner is serious since he is putting money into it. I would talk to your partner and say "let's come up with a timeline where you hit these goals or we look for a third-party person to buy you out". If he can hit those goals, or hit those goals with the help of a commission only salesperson then your problem is solved. If not you start looking for a third-party.
- mikeryan 16y agoA buy out doesn't have to be in cash. Look right now you have very little but likely some sweat equity and your product isn't really worth much. Offer him some shares or options in the future company but tell him this isn't working out. He'll say he already owns "half" but the truth is if you walk away he likely doesn't have a damn thing. Offer him some equity to walk away or tell him you're quitting.
- puredemo 16y agoBest advice on the thread.