Hi, This is similar to a recent thread started by cneal, but seems different enough to start a new thread.
I've got a software (iPad) app on the market, launched November last year. I'm the sole official member of the business that builds the app (I'm the developer; my wife does the design, but is not an official member of the company). I've recently been approached by a person who wants to partner with me with the business. She brings marketing and business skills. Development of the app has taken me about two years of my time so far. I am not a business person in the sense that those are not my skills-- I have the technical skills for the app.
This is my first business venture, these past couple of years. I've no experience with partnering with someone with a business. I have many questions, but a chief one is: What is an appropriate equity share for this new partner, should we decide to to ahead? I should say that the app is not making appreciable money yet. It really needs marketing. This new person is suggesting she receive a starting equity share of 25%. And building from there. I'm concerned (a) about what is an appropriate share for her, and (b) protecting the business in case she not work out (e.g., not make milestones).
It may also be relevant that neither of us will be working completely full time on this. So far we don't have financial investor backing, so I take consulting jobs to bring in some income. And she'll be doing something similar.
Thanks,
Chris.
I've got a software (iPad) app on the market, launched November last year. I'm the sole official member of the business that builds the app (I'm the developer; my wife does the design, but is not an official member of the company). I've recently been approached by a person who wants to partner with me with the business. She brings marketing and business skills. Development of the app has taken me about two years of my time so far. I am not a business person in the sense that those are not my skills-- I have the technical skills for the app.
This is my first business venture, these past couple of years. I've no experience with partnering with someone with a business. I have many questions, but a chief one is: What is an appropriate equity share for this new partner, should we decide to to ahead? I should say that the app is not making appreciable money yet. It really needs marketing. This new person is suggesting she receive a starting equity share of 25%. And building from there. I'm concerned (a) about what is an appropriate share for her, and (b) protecting the business in case she not work out (e.g., not make milestones).
It may also be relevant that neither of us will be working completely full time on this. So far we don't have financial investor backing, so I take consulting jobs to bring in some income. And she'll be doing something similar.
Thanks,
Chris.
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