New muse with a friend/co-worker advice?

[sinje]

Hi all

I have an idea with a friend for a muse but he's concerned about my medium term focus for the business. The idea is based on a spin-off company from our current employment - similar services but a different market that our current employer doesn't want.

I've told him that my goals for the venture is to be able to work remotely for large chunks of time and have financial independence - with the long term goal of entirely passive income, sipping cocktails on a beach in Thailand :P

He's agreeing (particularly with the Thai beach scenario for himself too) but I sense some push back.

Any thoughts about whether this is a bad idea or advice on things that I should check (e.g. with him and with myself) to ensure that I'm not painting myself into another work-related-corner.

Cheers!

[sub8hr]

It's difficult to really find a partner who is a true believer and on the same page for anything that is kind of radical. When I left my former employer there were a number of people I knew who really seemed interested in starting a business together, but I know that when it comes down to it they just wouldn't be able to handle the reality of an entrepreneurial venture. On the other hand, some of these people would probably gladly work as team members rather than full partners if I were able to offer them a steady job.

[bigdreamer]

I say do it alone.....soooo many people are naysayers or will always have their own visions..... most people talk so much crap they have the best crappers alive cause they talk *hit. Maybe you should read the first chapters of the book again. I would guess a 1 in a million chance a partnership would ever work... I really wish this were not the case. What I would give to have a true partner!


The following I feel needs to be said....Always keep in mind everyone.... I don't care who you are.... even myself is a hypocrite. Think your not a hypocrite think about all the times you complained about something and then a few weeks later did the same thing in some way or another and tried to justify it with your own rational.
You will always have the few people that say they want to do the same thing in tandem with you but most times it will never work! hahaha..... no telling what might happen once money,time,sacrifice is at stake, snakes are always in the grass so I keep my *ss on the porch..... Some can make it work....look at all the music bands that make things work together.....but things have to be laid out very clearly from the beginning.... the vision and understanding of each other must be fully understood but also at the same time Never show your complete hand! not even to yourself! And once you get to the top remember .......Its soooooo lonely at the top!!!!!!

[camdengirl]

We actually have a client who has just gone thru a similar predicament.

Client#1 travels extensively and is pushing to go sit on that beach within 5 years. Client#2 has just had a baby and doesn't want to tear round the country for business meetings. It's been putting a massive strain on their friendship and also on their business.

So I'd say - can you set up on your own and your friend work as a sub-contractor? That way if they decide to leave the relationship is very clear.

[Sven]

There will always be differences between the desires of people that work together (or live for that matter). What is most important is that both do not mind the differences.

It is probably wise to put what you expect from one and other in writing before you start. A huge amount of friendships get broken because of missunderstanding of each others business desires.

[sinje]

Thanks all - great advice.

One thing that was omitted is that my friend is more entrepreneurial than I am .. he's been involved in few start ups in the past and has a passion and experience in the business world - I, on the other hand, am a computer nerd with masses of know-how and logistics.

To the suggestions about going it alone and subcontracting - it would make more sense for him to do it and subcontract me. I have some capital to invest at the moment and the muse is his idea.

Maybe there is a way that I should approach this more as a venture-capitalist and invest in him and stay away, i.e. just pitch in money for him to start his muse and let him use the blood and sweat ... hmmm, needs more pondering!

It's still early days at the moment and I'm sure that other muses will present soon as I'm currently negotiating my Liberation from my 9-5 work (i'm a DELA).

[ByronBlack]

Sinje

In a situation like you's, the only way (in my humble experience of a similar situation which failed) is to lay out everything up front - use Tim's methods of worst case scenario and how you would go about fixing it.

Personally, I would say to have a meeting with your friend (using a pre-planned agenda) and work through all your concerns - be brutally honest, and work out 'get-out' clauses if certain aspects happen e.g. Your friend wants to pull out of the business and seek an interest elsewhere (or you do): have something in writing at the outset that outlines what happens in that situation.

I'm currently devising two 'muse' products with a friend of mine who I actually met though my existing business (he was a client) I'm confident it will work as we both have the same aspirations, and we have spoken and outlined each others responsibilities and 'what if's if they arise.

If however during your meeting you realise that it's not going to work out - think about buying the idea from them or agree a license agreement to market and sell the product.

One thing I have learnt for sure - don't believe it will work because they are your friend (or even if they are family) somewhere along the line, that relationship will be tested and you need to have prepared ahead.

[dvdwlsh]

Go pick up The E-Myth and read it cover to cover. There's some strong guidance around structuring effective partnerships. The key is to form your process and business using roles and responsibilities that are not tied to the individual filling the role.