I’m in a crunch and really could use some advice on what direction to go.
I’m starting a new business that I’m more then capable of running on my own but looking to team up with another business owner who has been running the same business since April 2023. He is still new to running a business, but already has a good head start with materiel deals and contacts in the industry. He is in Tennessee and I’m in California. We are looking to expand the name out here on the Westcoast.
We have come to an agreement to license his name and brand for a certain amount of money. It would be no percentage of company. I would only be utilizing his brand and logo to expand out here in California. He would take no sales, so technically I would be paying for his expertise, logo and brand, and website would be provided. I would also have him as a partner with any business questions. He isn’t willing to give percentage of company currently, nor is he in a situation to franchise (which I don’t want to franchise).
Does this sound like a smart move or something I should tackle on my own? It would be nice to utilize his experience and contacts, but that also cuts into my funds before even investing in the equipment I will need to get started. We both want to expand this into something bigger. I’m afraid that if I do this on my own, I may not be able to create this into something bigger. I feel it would be a big advantage teaming up and expanding this throughout the US, not just in my hometown or surrounding areas.
Any help or advice would be greatly appreciated. I’m new to owning my own business and just want to make sure I’m making the right move. Thank you!
Hi All!
I’m in a crunch and really could use some advice on what direction to go.
I’m starting a new business that I’m more then capable of running on my own but looking to team up with another business owner who has been running the same business since April 2023. He is still new to running a business, but already has a good head start with materiel deals and contacts in the industry. He is in Tennessee and I’m in California. We are looking to expand the name out here on the Westcoast.
We have come to an agreement to license his name and brand for a certain amount of money. It would be no percentage of company. I would only be utilizing his brand and logo to expand out here in California. He would take no sales, so technically I would be paying for his expertise, logo and brand, and website would be provided. I would also have him as a partner with any business questions. He isn’t willing to give percentage of company currently, nor is he in a situation to franchise (which I don’t want to franchise).
Does this sound like a smart move or something I should tackle on my own? It would be nice to utilize his experience and contacts, but that also cuts into my funds before even investing in the equipment I will need to get started. We both want to expand this into something bigger. I’m afraid that if I do this on my own, I may not be able to create this into something bigger. I feel it would be a big advantage teaming up and expanding this throughout the US, not just in my hometown or surrounding areas.
Any help or advice would be greatly appreciated. I’m new to owning my own business and just want to make sure I’m making the right move. Thank you!