WE'VE MOVED!
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
Options
Partnering or Starting from Scratch
Shadow121
subscriber Posts: 1
Sorry this is so long but I thought the more details I provide the better. I live in Florida and have been approached by a business associate to work with him/partner on building his existing insurance business. He has been in the industry for 20+ years and is good at what he does but is a one man band working from his home and gets all his leads from a weekly radio show he hosts. He has no assets, no continuing revenue (he takes 100% of the commissions at sale time) and earns a nice 6 figure income. I have years of experience in marketing and operations of proven results in this industry of bringing agents like him to the next level.
I am also in the process of getting my insurance license. I recently left my job and am considering starting my own insurance business but don't have much capital or credibility as an agent so it will be tough to start from scratch.He is also 20 years older than myself and by me coming in he would potentially have a retirement plan for himself. He is also talking about his son now getting involved in the business.
We are working on a temp basis (I am working for free) to get him get some structure and marketing going and at the end of a few months we are decide whether to make it a full partnership. He can't afford to pay me a salary so I will be getting a cut of the commission on any old leads I can get to come back in for an appointment.
I don't really see that there are any "assets" to buy into and no ongoing relationship with past clients to get goodwill from. He simply sells and moves on. He doesn't even have a following on his radio show because he just moved stations. Should we just start a new company from scratch? How can I determine how much I should "buy in" for? When would I begin getting paid (since he will be doing all the selling and feels that his earnings and he would have had that with or without me).
It sounds more like he is treating this like a commissioned only sales associate rather than a partnership and I don't want to give him all my trade secrets if I have no protection. Any advice?
I am also in the process of getting my insurance license. I recently left my job and am considering starting my own insurance business but don't have much capital or credibility as an agent so it will be tough to start from scratch.He is also 20 years older than myself and by me coming in he would potentially have a retirement plan for himself. He is also talking about his son now getting involved in the business.
We are working on a temp basis (I am working for free) to get him get some structure and marketing going and at the end of a few months we are decide whether to make it a full partnership. He can't afford to pay me a salary so I will be getting a cut of the commission on any old leads I can get to come back in for an appointment.
I don't really see that there are any "assets" to buy into and no ongoing relationship with past clients to get goodwill from. He simply sells and moves on. He doesn't even have a following on his radio show because he just moved stations. Should we just start a new company from scratch? How can I determine how much I should "buy in" for? When would I begin getting paid (since he will be doing all the selling and feels that his earnings and he would have had that with or without me).
It sounds more like he is treating this like a commissioned only sales associate rather than a partnership and I don't want to give him all my trade secrets if I have no protection. Any advice?
Sign In or Register to comment.
Comments