A friend and myself had a similar idea of opening a "Wellness" facility - offering fitness classes (yoga, TRX, bootcamp, etc.), massage, food/snacks, nutrition consulting, and cooking classes just to name a few services.
My friend is a single mom with a few kids and has no capital. She has no intellectual property rights. She has no certifications outside of a exercise science degree. She has very minimal experience running a business and finds it difficult to even conceptualize what it looks like to run something from the top down. She also doesn't have a clear picture of how the business would be structured and how she envisions her place within it - both financially and from a Roles & Responsibilities point of view. This also gets more complicated when you consider what happens in practice - what exactly will she even be able to do with the time restrictions that being a single mom with multiple kids will impose on her.
I work for a Fortune 50 company at a high enterprise level - so I'm familiar with how all the pieces of a business need to work, integrate, and communicate with one another. I have also run my own real estate business (on the side) for a few years and will be liquidating it to create the capital needed for the Wellness venture. I also have experience with writing policies, standards, operating procedures, training, and processes. I'll likely be the primary person serving our marketing and website needs - to name a few areas.
My question is about how to create and structure this "partnership". My friend says she brings value by being a great instructor (which she is), having a unique style (which unfortunately isn't branded in any way), and having the idea for this business (which we both had). Combined with having no capital to invest - I'm having a hard time justifying what % of the partnership she should get, if any.
My initial instinct was that she could just be a manager and have some authority in the business. Since she's not putting any capital to risk - I had a hard time understanding why she would have final authority over the high-level business decisions.
I want things to be fair, but have no idea how to thin through the situation and consider what she's actually bringing to the table to help calculate the extent to which she's involved in the business.
Any feedback is appreciated.
My friend is a single mom with a few kids and has no capital. She has no intellectual property rights. She has no certifications outside of a exercise science degree. She has very minimal experience running a business and finds it difficult to even conceptualize what it looks like to run something from the top down. She also doesn't have a clear picture of how the business would be structured and how she envisions her place within it - both financially and from a Roles & Responsibilities point of view. This also gets more complicated when you consider what happens in practice - what exactly will she even be able to do with the time restrictions that being a single mom with multiple kids will impose on her.
I work for a Fortune 50 company at a high enterprise level - so I'm familiar with how all the pieces of a business need to work, integrate, and communicate with one another. I have also run my own real estate business (on the side) for a few years and will be liquidating it to create the capital needed for the Wellness venture. I also have experience with writing policies, standards, operating procedures, training, and processes. I'll likely be the primary person serving our marketing and website needs - to name a few areas.
My question is about how to create and structure this "partnership". My friend says she brings value by being a great instructor (which she is), having a unique style (which unfortunately isn't branded in any way), and having the idea for this business (which we both had). Combined with having no capital to invest - I'm having a hard time justifying what % of the partnership she should get, if any.
My initial instinct was that she could just be a manager and have some authority in the business. Since she's not putting any capital to risk - I had a hard time understanding why she would have final authority over the high-level business decisions.
I want things to be fair, but have no idea how to thin through the situation and consider what she's actually bringing to the table to help calculate the extent to which she's involved in the business.
Any feedback is appreciated.
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