4 ms·
Find enough money to buy out your partner, or bail. This is not going to end well, and this is only the beginning of the end. You have an untrustworthy partne
by redtexture 13y ago
Find enough money to buy out your partner, or bail.
This is not going to end well, and this is only the beginning of the end.
You have an untrustworthy partner, and you jointly as a management team will not be able to weather genuine challenges and adversity requiring genuine personal collaboration, trust, and united sacrifices from everyone, including your partner.
Your lack of experience and inability to see how dependent your partner is on your continued successful and productive management presence has made you subject to his whims and pressure. Perhaps you are being played. It does appear that your values are divergent. You want the project to succeed, and perhaps your partner is on a "sell out at a big profit" track.
Let him fear your departure to help him understand how little value his share of the company actually has.
The founder shares should have been set up to require vesting, so that the person you bought out didn't have such a big post-engagement influence on you and your project.
It's interesting your business partner was not interested in buying out the departing founder. Why?
Could he make this move in relation to you, demanding that you buy him out on unexpectedly expensive terms, or threaten to sell to someone you don't know or like? (This threat would not have been allowable in a properly set-up share and corporation structure, where transfer of shares is allowed only by agreement or can only be sold back to the company.) This is where knowing trustworthy and experienced business advisers and lawyers can save your life, and the life of your project.
These are all lessons in control over the entity and the shares, as well as in human understanding, motivation and trust.
- lazydog 13y agoI do realize that my partner is heavily dependent on me. And he definitely wants to make an exit with big profits. Yes I am learning fast about human nature, and big money being a huge motivator for people, and how far they are willing to go. Thanks. BTW: he was not interested in buying out the departing founder, he said, he wanted us to have equal share.
- redtexture 13y agoYou could use some independent, private professional advice, if you can afford it. Part of a function of a board, or a board of advisors, or independent advice separate from your partner, is to gain perspective on your choices and operations and structural decisions, and to do so in an institutional manner. An advantage of having a partner with values that align with yours is you can have more confidence that you are not working against each other.