I'm a software developer, and I am starting a SaaS company. Even though the project is not too complicated I do need the help of a fellow programmer that is more experience in the web programming (I'm more into the server side), and so I've talked to a friend at work about the idea and he liked it and agree to work with me.
How should we split the money?
I've already started working on the project (but not for too long, about a month, with about 15% completion), however I have already worked out all the idea and details of how it is going to work.
The idea was originally form my father, who would also be our main contact/evangelist of the product. It is a very specific niche its targeting (doctors and med labs), and he knows and is friends with many labs managers, agents, etc, and of course has contact with lots of doctors, who would be the users. He said he can probably arrange the agents to tell about the product to other doctors they visit.
Now my dad is doing this to help me out and isn't technically going to be a founder, so how should I split the money?
Right now my friend is talking about 60-40.. but I'm not too sure about it, but I dont want to be too greedy either.
Would it be better to count my dad's "part" in the business as part of mine?
Dad: 20 Me: 50 Friend:30
Or is it too much? I just want to know what is fair.
PS Oh by the way, we are both still working full time, so this would be a moonlight project until/if it started to generate a decent income, but I'm more willing to be the first to quit my job and work 100% if needed. (he has more responsibilities and needs the financial steadiness)
I'm not familiar at all with business terms, and also I am not from america and English is not my native language, so could you please explain in "plain English" or if using terms (I had to look up for the word equity for the tags :P) explain them? Thanks!