So, I started a company 2 years ago with a friend. It was a 90-10 split we didn't think much of it cuz we had a long way to go to make money.
Fast forward today – we ditched that old idea, started a new one and its taking off.
We brought in a new co-founder, and things are moving.
Thing is the original co-founder was supposed to do sales & marketing.
He now does design, networking/lobbying.
The new cofounder does sales & marketing.
That is the skill that I really needed.
Now I do operations and technology – and I put in 12-16 hours daily.
When the 'new' cofounder is here he puts in 8-10 hours daily. He is off finishing exams, but he will be back shortly.
The old cofounder does 2-3 hours daily. He schmoozes a lot, I might not be seeing the value in this.
I brought in all the capital. Everything is risk in my name. I have no job except for this, the old cofounder is a professor who has no intention of ever leaving his but-fuck nowhere state. The new cofounder is an MBA grad who has a nice job waiting for him to leave, but has assured me that if he sees the potential in the company he will stay.
The old co-founder wants 25%, even though he put in a fraction of the energy as the rest of us. Schmoozing is pretty cozy work. Same with design. He does have political connections, but he has never capitalized on them. For example, he met the Health Minister in the state we are in, and was supposed to send in a presentation but didn't.
I think at this point. I want 5 year vesting with a 1 year cliff.
The new cofounder is cool with his percentage. I am willing to give him 25% because I've seen the work he has put in, and his ability to close which is essential.
I am an uneasy with the old cofounders percentage because he doesn't seem to put in as much work. And when he asks for work idk what to tell him. I mean yeah there are design things, but I've already told the designer we hired – you just supervise her. As for schmoozing, I have no leads for you to schmooze – thats your thing.
His sales skills are bad (as in directly talking to customers/partners isn't his fortay), his marketing is alright – but the majority of it is handled by the new cofounder. He can't do operations or tech for shit. He does company admin, but that will be handed over to our CA. He is okay at networking, I say ok because half his people are shit, the other half are good.
Dumping him means leaving the house which doubles as an office.
I'll have to figure out a new company, a new house, a new office – which are all short term troubles but ones that weigh significantly upon me because I have so much work. I think the real trouble is I don't know what to do with this boy. Is networking, design & lobbying really worth 25%?
More importantly, I don't find it fair that I do 12-16 hour days, he does 2-3 hours of real work, and schmooze the rest of the day.
Do keep in mind – I'm on the brink of a breakdown here.
I've got so much work I don't have time to sleep for anything.