Hey all,
About a year ago I quit my full-time job to work on a start-up company with a mentor of mine. Long story short, we went to the same high school, didn't really talk much in school, when he graduated he went straight into entrepreneurship, and I went to college. Well as life plays out, I ended up hating having a job, not using my degree and having a "boss" while he gained 8 years of entrepreneurship experience running various projects and companies. He has given me tons of actionable advice over the years, told me it sounds like I should have been an entrepreneur (I've always thought this myself), and has taken me under his wing and brought me on to run one of his companies.
The problem I'm running in to is my current partner has 8 years of entrepreneurship experience, but he is a terrible businessperson. Handling money, structure, organization, etc, all of the "logistics" side of business ownership, he just doesn't do well at. Which explains why he's taken about 3 or 4 high-preforming companies and started other projects. I always thought it was to move on to the next project after the others were sustained, but I've learned the other projects have just fallen flat.
I've recently moved to the East coast to run this company here. I'm going to be purposefully vague for fear of my current business partner seeing this (not active on reddit, but his contacts might be). The company I'm running has proven to be profitable by the amount of other companies that exist doing exactly what we're doing. So I know it is possible to make this business profitable, but at the same time it is in an industry that my business partner and I are brand new in, so neither of us has directly applicable experience to make it an ultra success, especially in a timely manner. We have been at this project well over a year and a half now, and have barely scraped by enough to keep the project afloat, due almost exclusively to the other projects my business partner is working on, and his poor management and operational skills.
Another opportunity has presented itself to me through an acquaintance of mine. He runs a brick-and-mortar chain of stores, of which he is trying to expand to my market. He has approached me to see if I would be interested in being a 50% owner, and general manager of a store front here, then eventually grow it into multiple locations. This new potential partner does very well. He is currently liquid enough to completely fund the project 100% himself, he just needs someone he can trust and knows personally to run the project here while operating under his guidance for direction of the stores. I also come from a background of retail leadership, inventory, P&Ls, sales training, all I excel at.
While I know the company I am currently running with my previous partner has potential to be successful, the store fronts my potential partner is proposing are profitable by month 6 under the model he uses. I would be paid a salary to run this store front, while building equity in the company, and as soon as the first store is profitable I can personally move on to opening another and so on.
TL;DR What I'm asking, is it worth the risk to keep chugging at a company that only has the potential to be extremely profitable, with no guarantee of performance without a proven model; or is certainty in performance worth more in the long run, especially with a proven model, that works and is repeatable?
If the latter, how do I present this opportunity to my existing business partner without burning the bridge and seeming ungrateful for the mentorship and opportunities he’s given me?
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