About 2 months ago, I did the SC Mud Run with a friend of mine that I consulted with. During the hour car ride, and then over dinner and drinks, we realized that we both were interested in launching products. My friend Mike also had a lot of ideas of things we could develop and sell to companies. Finally, I found a like minded soul. Since then, we’ve actually designed the first 2 pieces of Mike’s PP offering. The bad news, and it’s not really bad, but it is more work, is that now we’re looking to do a joint venture between the 2 of us. While this i awesome because I finally have someone to help with the workload, it brings about a whole new set of challenges.
1. We need to determine how to structure ourselves into a new entity. This may be a new LLC, it might be an operating agreement, or it might be both. While it sounds easy because I’ve already set up a business, it turns out because I already exist it’s a whole new set of challenges. I need to work closely with SAP to make sure that I don’t lose all of the development work I’ve done. Partnering with SAP is a great thing, but I’m being told I can’t transfer all of my development work to a new company. So I’m working through those details now.
2. For the first time, I need to work with someone else and listen to their ideas, and work together. Simple things like coming up with a company name, deciding where to incorporate, etc. Not bad, but I can’t just make a decision. We need to work together.
3. Determining revenue splits. It’s great because i have someone to share the costs with, but now I have to split the revenue as well.
And that’s just the things we know so far… I’m exciting for this new venture, but like every change, it’s always a bit scary. I’ll keep you posted as things progress.