mickeyM

9 ms·

31.
by mickeyM 7y ago
Thanks a lot - that list looks kind of scary :) I'll definitely keep that stuff on mind. Yeah, now I see that it'd be really best to try to negotiate a walk away fee
32.
by mickeyM 7y ago
Right, thanks!
33.
by mickeyM 7y ago
Thank you, the thing with scheduling payments over some sounds good to me, I'll try to propose it to Jim
34.
by mickeyM 7y ago
Thanks chasing, the problem may be what rolltiide mentioned - I'm not 100% sure whether Jim just can't establish a new company without me
35.
by mickeyM 7y ago
Thanks a lot for sharing your experience. From what others have suggested here, I guess it was your generosity that you've only retained 1% & got no cash. I understand that there have to be equity left for others, I just wanted to
36.
by mickeyM 7y ago
Thank you. Yes, not having the vesting agreement is a mistake. A lawyer is currently too expensive for me, so I'll try to get it done myself. Even if they found some way to get me out without my consent/go around me, the fact that
37.
by mickeyM 7y ago
Right, so that may be something they can use against me. Although since I've done the most work, I know all the ins and outs and not having me available for occasional consulting would be pretty bad for them
38.
by mickeyM 7y ago
I wouldn't like to disclose my country & the company type since I don't want to get into trouble over the possible NDA that I may have to sign, but it's not a US C-Corp-like where you can issue shares and stuff like that.
39.
by mickeyM 7y ago
:) No problem
40.
by mickeyM 7y ago
I don't think he has the money to pay me the real value (maybe he has, but in that case he'd never agree to pay me that. even the sum like $2000 would be a problem) so I'd prefer to split it - I'll retain a small equity
41.
by mickeyM 7y ago
Sure, thanks! :)
42.
by mickeyM 7y ago
Right, thanks!
43.
by mickeyM 7y ago
Thank you. I'm not sure that work is worth as much as you've suggested as dasil mentioned, but I understand your point - I was going with a lower value because I'm not sure whether Jim has the money/would be willing to p
44.
by mickeyM 7y ago
Thank you. I've hoped to resolve this peacefully and I plan to continue along that way. I'm pretty short on money right now, so getting couple thousands for a buyout or as a share of the sale of the company/source code is pre
45.
by mickeyM 7y ago
Yeah, there's no way I'm hiring a lawyer for this ($). When we were starting the thing I was 19, kind of naive and inexperienced. Now that I'm 20 I've experienced a couple of other things along the road and it made me re
46.
by mickeyM 7y ago
Interesting. I guess that's Jim's main problem - that a non-employee would own equity. Thanks!
47.
by mickeyM 7y ago
Well, we both own the company (Jim 60% and I 40%) that operates the app, so there's no way Jim can get me out of the company. The question remains whether he can simply take the app & create a new company since technically he paid
48.
by mickeyM 7y ago
Right, hiring a lawyer for me isn't realistic right now and as you've mentioned I could lose more money than make with such action. I guess another lesson for me other than having a vesting schedule is having a responsible lawyer.
49.
by mickeyM 7y ago
True, thank you
50.
by mickeyM 7y ago
Right, thanks a lot. We are friends and I've told him that I'm flexible & willing to find a reasonable solution that would be fair to both of us, but the fact that he doesn't want to talk about it at all really puts me in
51.
by mickeyM 7y ago
Thanks - both 3-5% or paying me the market value for my work sounds good to me. The contract to develop an app is between Jim and programmers, so I'm not really sure how this would play out. Right, I'm happy that I'm moving o
52.
by mickeyM 7y ago
I'll try, thanks a lot! :)
53.
by mickeyM 7y ago
Yeah, I would have been in a much worse situation if we had the company structure you've mentioned :)
54.
by mickeyM 7y ago
Thanks a lot for both the examples & a book tip. It was really a mistake that we didn't think about this earlier & I'll definitely have this put in place the next time I'm involved in a startup or other type of arrang
55.
by mickeyM 7y ago
There's none, that's the thing (lesson learned). It's just that Jim owns 60% and I own 40%, that's it
56.
by mickeyM 7y ago
That would feel fair to me too :)
57.
by mickeyM 7y ago
Yeah, that's right, but in our country, there are no shares in our type of company, so the ownership is derived from the initial investment (this is most of the times fictional, in our case it's 60:40 as mentioned before), so even
58.
by mickeyM 7y ago
Well, the main reason for selling the startup/source code would be my departure so I don't think that would work
59.
by mickeyM 7y ago
That's right, lesson learned :) I would agree with such an equity stake & expiration, that sounds reasonable
60.
by mickeyM 7y ago
I'm not sure how it would work in this case in the US, but we're from Europe - my 40% will stay 40% forever. I want to part our ways on a good terms though and don't want to leave the startup in a situation like this. On the

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