starting to feel anoyed with the cofounder🤦‍♂️

New / Strategy
ponytail11

New Strategy

BIO
Serial entrepreneur
ponytail11more
Aug 26 24 Comments

a year ago met a doctor with some cool method he made like 30’years ago. thought would be nice to equip it with some new tech. ended up partnering with the dude for 25% of the new business which now started to manufacture ai powered equipment. the docror dude is now irrelevant in the business as adds no value to the company although his ideas where quite cool when we started. we pre-sold 1M worth of gear to some studios and they are pretty excited with potential of this gear. feel like i build the whole thing (which i did working like 15 hrs a day for minimal wage and a stake) and started to feel
like i sold myself short. thoughts?

comments

Want to comment? LOG IN or SIGN UP
TOP 24 Comments
  • Samsung statarb
    Raise a round of capital. The VCs will do the dirty job for you.
    Aug 26 2
    • New / Strategy
      ponytail11

      New Strategy

      BIO
      Serial entrepreneur
      ponytail11more
      OP
      They will not touch it - early and co-founders at ods with each other
      Aug 26
    • Samsung statarb
      It’s an operational issue that can be fixed for what seems like a good business.
      Aug 26
  • Amazon CulStryBro
    You just said business is dead. Offer to buy tech out of dead business for 20-50k if you believe it is worth it and start over with selling. If he won't sell tech, start over from scratch and start selling a new product in the space or a laterally related space. If you are an entrepreneur, you move on to the next deal, you don't cry over the one that got away.
    Aug 27 0
  • Facebook public2
    You leaned a good lesson.
    Aug 26 7
    • New / Strategy
      ponytail11

      New Strategy

      BIO
      Serial entrepreneur
      ponytail11more
      OP
      Don’t want to give up. Cool tech.
      Aug 26
    • New / Strategy
      ponytail11

      New Strategy

      BIO
      Serial entrepreneur
      ponytail11more
      OP
      Venting on blind is noicee
      Aug 26
    • Facebook public2
      Wht would you give up, you own 25% that's huge.
      Aug 26
    • New / Strategy
      ponytail11

      New Strategy

      BIO
      Serial entrepreneur
      ponytail11more
      OP
      25% of dead cow - not much value there now
      Aug 26
    • Facebook public2
      Why is it dead, you just said you pre sold a mill?
      Aug 27
  • New qdvF37
    Ideas make money, not grunt work. Grunt work brings the ideas to life.
    Aug 26 3
    • New / Strategy
      ponytail11

      New Strategy

      BIO
      Serial entrepreneur
      ponytail11more
      OP
      Here’s the thing - ideas are mine how to make business out of it. He was sitting on 30’year old garbage selling 1-1 training sessions. Now it’s a equipment vendor with saas model.
      Aug 26
    • EA badJD
      You need to renegotiate - before that get objective evaluation of why you are not compensated fairly. Then what if discussions go south? You might have a hand in negotiations if you can demonstrate that you'll bring additional value that only you can bring. The value that you brought until now is not that relevant because you already gave it away for cheap assuming that you aren't fairly compensated. Grunt work will bring money if you play your cards well.
      Aug 26
    • New / Strategy
      ponytail11

      New Strategy

      BIO
      Serial entrepreneur
      ponytail11more
      OP
      This ship doesn’t fly without me, but he doesn’t know this. He’s doesn’t understand tech and is VERY old school.. he has no capacity to understand this business. Really. I know this sounds arrogant but believe me it’s true 🤷‍♂️
      Aug 26
  • Samsung statarb
    You were telling us your wife is going to leave you. Now, you tell us that it was 40 years ago? Move on.
    Aug 26 1
    • New / Strategy
      ponytail11

      New Strategy

      BIO
      Serial entrepreneur
      ponytail11more
      OP
      Lol. We had 3M pre money valuation before the crap started. Don’t wanna just forget my 750K. I could turn it into 50M company in 3-4 years I recon.
      Aug 26
  • Meetup qks
    Wait for him to find this post
    Aug 26 1
    • New / Strategy
      ponytail11

      New Strategy

      BIO
      Serial entrepreneur
      ponytail11more
      OP
      🤣🤣🤣
      Aug 26
  • Cruise Automation / Eng umb7776
    Go on vacation for three weeks. Do not respond to phone or email at all. See if the guy is willing to negotiate when you get back, now that he knows what running the business solo feels like. Realize you might have to leave, and be glad you learned useful lessons.
    Aug 26 0
  • New Sapling
    Buy out the doctors stake, or majority of it
    Aug 26 1
    • New / Strategy
      ponytail11

      New Strategy

      BIO
      Serial entrepreneur
      ponytail11more
      OP
      He refused to sell🤷‍♂️
      Aug 26
  • New / Strategy
    ponytail11

    New Strategy

    BIO
    Serial entrepreneur
    ponytail11more
    OP
    Ok. Since the story developed further. The breakdown really started a year ago (which I have omitted for the sake of intrigue). One day the dude felt my resentment toward him for not pulling his weight and being a majority stakeholder decides he doesn’t need me anymore. He goes and changes locks on office doors and revokes my banking access. Sends a letter informing me of termination of “cooperation” with me. Then takes domain name, patent application and puts all on his own name))). I run for legal advise - minority oppression. Cost of pursuing $150K with unpredictable outcome. Funny thing - the business went south right away. In a year no new clients. All former staff left cause didn’t want to work under him. Business is technically dead. What do you think my actions now after a year should be?🤷‍♂️
    Aug 26 0