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If a friend comes up with a great business idea, but refuses to act
Posted on 11/28/20 at 10:02 am
Posted on 11/28/20 at 10:02 am
I’m a physician, and my scribe told me what I think is a really good business idea. I told her I would fund it and work with her on it... this was 18 months ago. I did some non financial research on this and kept her in the loop.
Since then she’s started medical school and now has no time to do it. And honestly for family reasons and med school/residency reasons, I know she never will.
Do I just go do it myself and just give her some percent stake in the company?
Since then she’s started medical school and now has no time to do it. And honestly for family reasons and med school/residency reasons, I know she never will.
Do I just go do it myself and just give her some percent stake in the company?
16
Posted on 11/28/20 at 10:05 am to AndyJ
quote:
Do I just go do it myself and just give her some percent stake in the company?
Start the company. It’s yours. Any more in generosity.
Posted on 11/28/20 at 10:29 am to AndyJ
18 months is plenty of time to act on a buisiness idea. IMO, it is yours to run with. If you cut her a check every year based on profits, I see no issues. Not that you have to, but I wouldn't be able to sleep at night if not.
Posted on 11/28/20 at 10:33 am to AndyJ
I would be happy to fill in her spot and do the work necessary. I’ll take 1/3 position if you supply all the capital.
Posted on 11/28/20 at 10:35 am to AndyJ
quote:Not a bad idea, but don't keep it to yourself. Give her the courtesy of at least agreeing to it. You can't make up her mind for her.
Do I just go do it myself and just give her some percent stake in the company?
Posted on 11/28/20 at 10:40 am to TigerCrude
Thanks y’all. I tried to get her to start it with me during covid before her classes started. I’m definitely not going to write her out of it, but it is nice to know that technically I don’t owe her anything. But I still really want to include her for her own idea.
Posted on 11/28/20 at 10:43 am to AndyJ
Just be prepared for whatever friendship you have to go south when the business starts printing money and she isn’t getting 50% of it.
Posted on 11/28/20 at 10:58 am to AndyJ
quote:
Do I just go do it myself and just give her some percent stake in the company?
This is the right thing to do, either a stake in the business or a finder's fee.
Posted on 11/28/20 at 11:38 am to Ace Midnight
quote:
This is the right thing to do, either a stake in the business or a finder's fee.
So, based on this logic the idea being hers means he should give her a stake in the business or a finder’s fee. Does that mean when the business is struggling he can ask her for a capital contribution? If the business goes under should he send her a bill for her % that he would have paid on the finder’s fee? I suspect she will not be happy.
Offer her a position/role, in writing. If she accepts, great. If she declines, as long as you don’t have an NDA with her then I would start it and move forward. Regardless of how good the idea is, there are still significant risks and work involved, which she’s been unwilling to participate in.
This post was edited on 11/28/20 at 11:59 am
Posted on 11/28/20 at 12:15 pm to AndyJ
I have the idea for electric helicopters. Tell Elon I expect royalties when it happens.
Thinking and doing are two separate things entirely.
Thinking and doing are two separate things entirely.
Posted on 11/28/20 at 12:38 pm to AndyJ
If you are nervous have your lawyer come up with a release and pay her one dollar when she signs the release.
Posted on 11/29/20 at 9:39 am to AndyJ
Once you start it can you make another post of what the business is? I'm curious
Posted on 11/29/20 at 9:44 am to AndyJ
Just give her a heads up. You won't owe her anything. But he prepared to lose the friendship
Posted on 11/29/20 at 9:57 am to castorinho
Maybe get someone who actually knows how to run a business to help you out, and allow them to be part owners.
Posted on 11/29/20 at 10:03 am to AndyJ
If it were me....
I'd tell her of your plans and see what she thinks.
She'll probably tell you to just go ahead without her.
I'd tell her of your plans and see what she thinks.
She'll probably tell you to just go ahead without her.
Posted on 11/29/20 at 11:38 am to AndyJ
quote:
it is nice to know that technically I don’t owe her anything.
I think by technically you mean legally. And a lot of people here seem certain of that fact. But I’d want to consider the law where you live and would need to know more about the discussions you’ve had with her and also the idea that she had before I gave a flat legal opinion to that affect. People here are probably right. But I can’t say for certain based on the limited facts that you’ve outlined.
Posted on 11/29/20 at 12:51 pm to dirtsandwich
Unless she’s taken out a patent, copyright, etc on the idea then I’d say you owe her nothing. As others said, is she going to share in the hard times as well as the good? If not then I wouldn’t be bothered.
Posted on 11/29/20 at 2:44 pm to AndyJ
Yeh the "right" thing to do (for both parties) is reach a conclusion before hand, in a binding document, that way no unforeseen problems arise down the road and you have no guilt.
Edit: But if you pitch the idea to her right, she'll likely think that it won't work out for you and be disinterested and agree for nothing.
Edit: But if you pitch the idea to her right, she'll likely think that it won't work out for you and be disinterested and agree for nothing.
This post was edited on 11/29/20 at 2:45 pm
Posted on 11/30/20 at 5:39 am to AndyJ
quote:
I’m a physician, and my scribe told me what I think is a really good business idea. I told her I would fund it and work with her on it.
Need pics to make a business decision.
Seriously, you could use her image in ads IF that’s part of it.
Could also pay her as a occasional speaker IF that’s part of it.
Posted on 11/30/20 at 9:53 am to AndyJ
Dude if I gave you an idea in confidence and you took it and made money off of it, it might be really bad for you. If the legal channels didn't work, it would become personal. Everyone else is saying it's yours, it's not and you wouldn't be asking if you didn't believe that as well. Just remember, hogs get slaughtered. If you move forward with it, give her a healthy chunk because honestly she is the only reason you make a dollar if you do.
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