A Whole New Adventure – Joint Ventures

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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.

As always, thanks for reading and don't forget to check out our SAP Service Management Products at my other company JaveLLin Solutions,

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