I would really appreciate your guidance and advice. Great community.
I am a co-founder of a two year old start-up that is finally getting proper VC funding ($1MM injection). Currently, the founders all have full-time jobs and have been running the company part time. We both thought we would quit our full time jobs if we get the funding.
Well, one of the partners doesn't want to quit his full-time job and as one of the VC requirements (after negotiations) is that at least one us quits. Looks like I will have to quit my full-time job to make this happen. I am not happy at all - as the chances of this company making it with only 1 partner diminishes. My partner still commits to 10 hours week or so, but this is a very optimistic view.
My partner still wants to keep all his shares (~40%) and do this part-time. Moreover, I will be getting paid a salary from the funding we receive. However, I am trying to understand what is the norm in this situation?. Something about my partner sitting on %40 share while I go on a limb to run the company is not too encouraging.
My objective is to save this company and maintain a healthy relationship with the co-founder. What normally happens to co-founders facing this scenario?
Thank you very much