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What does he want? It's fine for you to come up with in your head all of this but does it match his expectations? He could be expecting 50/50 and want to walk w
by ScottWhigham 18y ago
What does he want? It's fine for you to come up with in your head all of this but does it match his expectations? He could be expecting 50/50 and want to walk when you show him something complicated.
What have you done to protect yourself from him starting a competitor if the two of you can't come to terms?
- anotherguy 18y agoHe said a 65:35 deal was ok for him. If it turns out we are going in different directions, I think I'm going to have a big head start on him. Business idea 1 is undoable for him. Business idea 2 will be possible to do for him, as the software is a very much simplified version of business idea 1 with less features. I already completed nearly all of the software, so I could start much earlier than he does. (He would have to get someone creating the software for him). If he decides not to accept, he probably would also ahve to leave the incubator which would also leave a negative annotation on him. (also if we would be both be selling the same thing) But I don't think it will come to this and it would also not be in my interest or his. I haven't done anything from protecting my idea. (no NDA...)
- ScottWhigham 18y agoSeems fair to me - you wanted 65/35 and he's happy with that. I might put in clauses that would allow him to make it 60/40 if he turns out to be a miracle worker though; nothing wrong with a little extra incentive. 60% of $30,000,000 exit is better than 65% of a $20,000,000 exit... Did you sign the deal?