I was the sole founder and ran the company for 3 years. The business model was definitely not sustainable since we were a tech team, I decided to forfeit 45% of my shares and take in a partner whose job would be sales and BD.
It’s been 5 months now, except one small project no new project has come in. The guy is very unprofessional in office, recently planning long trips with his wife and friends during office hours in front of employees. He also wants to take out a salary to fund said trip. At the moment me and him don’t take a salary, but his basic expenses are covered by the company.
I have no problems taking out a salary as long as there’s money in the account. But I don’t see the surplus money and I refuse to look at the 2-3 projects in the lead pipeline because I can’t possibly know if all these leads will convert into a paying customer.
I have not signed the share transfer agreement yet. I do understand that conflicts arise in a partnership but I don’t see the value. The guy talks a lot but I have yet to see anything quantifiable from him.
I am a techie and do not have any sales or BD exposure. Does BD take this much time? Do I work through the partnership or do I walk away?