need help ending partnership
after graduating ealier thia year. i made my startup official wanted to go full force. i asked a friend from high school who is a marketing major to join and take care of marketing and user aquisation. since then this dude has done crap. all he does ia comes up with the worse ideas known to human to change what the company is or we should do abc but wont back any of his idea with proper reseach. all he would say is i think people would like it xyz is doing it blah blah. He keepa trying to bring more people to be co founders. like WTF! I have since pauses everything and i dont tell him anything that is going on. i am trying to build a platform that i belive in but he doesnt understand and ia fraustrating because i dont know how to push him out of it. i am thinking about finding a new name for the company and register that instead. we never signed any agreements for anything. in all honesty he has 0% share in the company. what should i do. i talked to my mentor and advisors and they said they wont give me a dime if this guy is still prt of the company
Tell him it’s not working out, that you want him to bring more data-driven solutions to the table. Tell him you want to formalize the agreement and offer him 5% ownership if he can hit certain milestones.
Does it already make money? If not, there is nothing to split and you can easily get rid of him.
Money that he doesn’t know about
Expect to get sued like Facebook if it becomes big then
Yeah just be honest that this is not what you wanna partner with. In business you must always make it clear right from the beginning. Also initially, you must expect to do a lot of things by yourself.
By reading the title I thought you are looking for a contract killer...
Just tell him he's not hitting milestones that you have targeted so you need to let him go. Pay him severance and be done.
First if all, check on your autocorrect. It might have just died
You should’ve died
Aw, you sound like a great person. Good luck with the startup.
Yeah, it's like saying your wife didn't contribute therefore shes not entitled to anything, that doesnt work with judges and that is the same thing that will happen to you. Just because you hid profit doesnt mean his lawyer won't dig them up and show it as proof of bad faith. Unless he's brain dead, as soon as he lawyers up, you'll be coming out of pocket
He was not an original founder
Just say it's not working out. You don't owe him anything. Legally he is not entitled to anything.