tech-company, marketing, partnership, partnersSo I have recently started a new company with myself and 2 other colleague. We have recently agreed on a merger between an offshore company in exchange for our marketing strategy. Myself and another one of my Directors have handed this task to our third partner as this is their specialty being educated in this field.
Now he accepted this task and we set a business plan deadline for this task. It seems the quality of the initial draft was unprofessional and was copy and pasted from various sources. We mentioned to him the urgency of this and has persistently agrees he’d look into it but with no real repercussions. We are getting desperate now as our merger company are getting annoyed at our lack of commitment.
So I suppose my question is how can we motivate our colleague in order to produce a report of quality within the time scale we set?
You have a problem. When partner not engaged generally is because not believe in business. I had the similar situation with a partner in my business. We bought his part of business.
We tried a lot things to motivating and engage but didn’t work. After 2 years we did a proposal to bought their stock options.
Pay attention on it. It’s better you and your team together have a good conversation about your partner beliefs and if your intuition shows to you what I said try to buy their stock options quickly. Before you business growth.
This is a business. Take care to mix things. Partner is partner. Friend is friend.
It really depends on your agreement. Unless you have a performance or vesting clause then you don’t have any real leverage. You could start with filing an addendum to the initial agreement that provides you some protection, but getting a signature could be difficult. You could also threaten to sue to break ties. Worst case, you can cease operations and create a new company.
All content is licensed under CC BY-SA 3.0.