Starting a Business

saden1 · 06-12-2012, 04:59 PM

Quote:

Originally Posted by Angry

After reading all of that, you can kick him to the curb with nothing more than a loud and thunderous "Go Away!" If there is nothing on paper that you have signed stating that he has any stake in your company, then it is all too easy. It sounds as if you guys haven't even gotten your "letters of formation" together yet. Proceed with the other partners carefully.

The issue I have with just kicking him to the curb is that he has documents relating to our business from the get-go (business concept, revenue model, feature set, etc). He also had access to our initial dataset which took a month to collect and is highly invaluable to our business. You never know what disgruntle people are capable of doing which makes legal action inevitable.

firstdown · 06-12-2012, 05:24 PM

[QUOTE=saden1;921045]The issue I have with just kicking him to the curb is that he has documents relating to our business from the get-go (business concept, revenue model, feature set, etc). He also had access to our initial dataset which took a month to collect and is highly invaluable to our business. You never know what disgruntle people are capable of doing which makes legal action inevitable.[/QUOTE

Does he still have access and if so the first thing you need to do is block him from having access. The business concept and other stuff is probably nothing new (I could be wrong) so that info is pretty useless. As you know I'm in Insurance sales and what seperates me from the other is I have a working business plan and I stick to it and treat the customers the best we can. Thousands of people have the same business plan and concept but they fail to follow through with the plans so its not big deal.

saden1 · 06-12-2012, 06:00 PM

Quote:

Originally Posted by firstdown

Does he still have access and if so the first thing you need to do is block him from having access. The business concept and other stuff is probably nothing new (I could be wrong) so that info is pretty useless. As you know I'm in Insurance sales and what seperates me from the other is I have a working business plan and I stick to it and treat the customers the best we can. Thousands of people have the same business plan and concept but they fail to follow through with the plans so its not big deal.

No, he no longer has access to our data or our collaboration site. I know it's all about execution but there is still concern about him making equity claims now or in the future. Hopefully it won't be difficult to get him to move on.

saden1 · 06-23-2012, 07:48 PM

Just to give you guys an update...

I talked to the lawyer and he instructed me to send out an email that calls a mandatory meeting in which meeting attendance is explicitly tied to equity stake in the company. Basically, partners that don't show up forfeit their stake and the partner I was having an issue with didn't show up thus firing himself and relinquishing current and future stake in the company.

The best thing that could happen happened and now we can move on without him.

firstdown · 06-25-2012, 09:42 AM

Good to hear.

jbcjr14 · 06-25-2012, 05:05 PM

That is good to hear. Good luck in the new venture!

06-12-2012, 05:24 PM	#32
firstdown Living Legend Join Date: Oct 2004 Location: chesapeake, va Age: 60 Posts: 15,817	Re: Starting a Business [QUOTE=saden1;921045]The issue I have with just kicking him to the curb is that he has documents relating to our business from the get-go (business concept, revenue model, feature set, etc). He also had access to our initial dataset which took a month to collect and is highly invaluable to our business. You never know what disgruntle people are capable of doing which makes legal action inevitable.[/QUOTE Does he still have access and if so the first thing you need to do is block him from having access. The business concept and other stuff is probably nothing new (I could be wrong) so that info is pretty useless. As you know I'm in Insurance sales and what seperates me from the other is I have a working business plan and I stick to it and treat the customers the best we can. Thousands of people have the same business plan and concept but they fail to follow through with the plans so its not big deal.

06-23-2012, 07:48 PM	#34
saden1 MVP Join Date: Feb 2004 Location: Seattle Age: 44 Posts: 10,069	Re: Starting a Business Just to give you guys an update... I talked to the lawyer and he instructed me to send out an email that calls a mandatory meeting in which meeting attendance is explicitly tied to equity stake in the company. Basically, partners that don't show up forfeit their stake and the partner I was having an issue with didn't show up thus firing himself and relinquishing current and future stake in the company. The best thing that could happen happened and now we can move on without him. __________________ "The Redskins have always suffered from chronic organizational deformities under Snyder." -Jenkins

06-25-2012, 09:42 AM	#35
firstdown Living Legend Join Date: Oct 2004 Location: chesapeake, va Age: 60 Posts: 15,817	Re: Starting a Business Good to hear.

06-25-2012, 05:05 PM	#36
jbcjr14 The Starter Join Date: Feb 2004 Location: Austin, Texas Age: 54 Posts: 2,015	That is good to hear. Good luck in the new venture! __________________ "Work Harder: millions on welfare are counting on you" - Obama 2009 address to Congress.

Starting a Business

Parking Lot