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Determining fair shares in partnerships

    • 7 posts
    January 6, 2013 3:54 PM EST

    HI Josh,

    My name is Isuru De Silva. I am a business development manager in a Digital Marketing Solutions Company. I understand what you are going through. In fact I believe we could help you out through a partnership. Currently we are looking for companies to partner with us and I believe with our design and creative we can help you achieve your goal. We have a really good design team who has design World Class Quality creative which have even won many awards for our clients. 

    If you would like to talk more in details please email me and we can discuss more. I would also like to emphasize that we are open for suggestions from your end as well. 

    My contact information as follows 

    email - isuru.desilva@ebeyonds.com

    skype -ebeyonds.

     

    Looking forward to hear from you. 

    Regards

    Isuru De Silva

     

    • 2 posts
    May 14, 2012 7:51 AM EDT

    Hi, 

    I started my own freelance design company a few years back in Baltimore, but doing it by myself is hard, and the fact Im not that organized isnt helpful - so I decided to take on a couple partners who are good with business and can sell my stuff - So we decided to form a new creative company - My business has been bad because Im doing all the start up work / design - websites (3 of them) promo materials, business plan etc. - I definitely feel Im doing alot of the work while one partner has helped a little by selling 1 3000 job and he has provided money by buying business cards, phone service - he covers the tab when we go out to meet clients...and he makes calls to clients / and prospects....the third guy has potential, and is friends with a lot of people but is broke. He helps out when he can but very limited - a friend of his is worth 28 million and his other friend is well off as well...so im looking at him as an asset to bring potential investors.

     

    My gripe recently is I paid for costs for framework to build websites for two clients, paid for monthy phot subscription which we need, paid for software we need - and helped pay for several other business costs. 

    My feeling is Im doing all the actual work for our clients since the other two partners cant design, or do any of our services.

    So i feel i shouldnt be paying for any biz related costs. I paid for the biz license as well. 

    I think they are valuable with me and not against me but I cant be spending money when my part of this is to design and cover most of our services.

    I could just pay a salesguy...or something...

     

    So am i right by feeling like responsibilities are not shared equally, and I should expect the others to pay for costs? I dont know what to do. We need an Investor -that i know.

    • 2 posts
    May 17, 2012 5:07 AM EDT

    Thanks so much - I totally agree. I bought the LLC (manager managed) as a single person entity (myself) to protect the main Name - and since there is no written agreement in place It remains my decision. One of the partners is very moody and was laid off from his good paying job - he was low-level financing some minor things. One thing, I feel if i put him out he would try to compete with me. He would have to find a great designer. The other partner is younger, but has great relationship with a person who wants to be partner (whos father is worth 28million) and really if i had it my way I would just bring him on....but since they are great friend i doint know...sorry just confused and I so i now shut up and re-read your advice which is golden...lol

    • 7 posts
    May 14, 2012 10:17 AM EDT

    These types of feelings can come up when you didn't start with a clear contract spelling out the duties, responsibilities, financial and other such details ahead of time.

    Before it goes any further, I would suggest you get either an agreement in place that spells this all out in great detail or that you some how dissolve whatever verbal arrangement you had with these people and continue on your own paying for what you need.

    Yes, outside commission only salesmen can be employed and would really help you in your current situation as they only get a commission when they sell something.

    The rest of your issues of having to do everything yourself is classic and it is that caused by the lack of sufficient funding that cause most small businesses to fail.

    First, get this issue with your so called partners resolved competely and then consider hiring a commission only salesman, maybe even your former partner.

    Then work on getting some sales right away.

    Once you are over these initial issues, you need to create more of a long term funding plan.  It can be done on a gradient and get you ready to either grow enough to produce enough income to not need investors or to grow enough to attract investors.

    The key right now is to NOT stay in the same place you are in. 

    You must take quick and decisive action regardless of how difficult and start moving in the right direction.

    Good luck.

    If you have any further questions, let me know.

    Smile

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