Co Founder exit - how to handle

[Paul T66]

My CoFounder is exiting - pre revenue - no shareholder agreement- CF has worked for 1 yr is exiting as he requires income. We hold 50/50 and we have both worked hard to reach this point. How should I structure this. He wants 25%. Thoughts

 

[NickGrogan]

He currently has 50% and wants 25%?

You should be really happy.

 

[Paul T66]

He currently has 50% and wants 25%?

You should be really happy.

thanks for the reply. He is also a high performing executive who adds lots of value to the business. His exit causes a resource gap.

 

[NickGrogan]

I imagine it does, but without any other agreement, he is due 50% of the company and is willing to give up 25% for free.

This is a good deal for you.

Time to get a shareholders agreement in place.

 

[KAC]

Time to get a shareholders agreement in place.

I totally agree with that recommendation

 

[Mr D]

He's offering a deal that looks to be a considerable saving for you.

As for losing his skillset - replace it by learning the skills or taking on someone with the skills.