Please there is this ecommerce platform that I and my Co-founder has been working on for over 3 years, but now it has stalled completely.

I originally started this idea to build an ecommerce platform, but as it was the norm and advisable to always have at least a co-founder as two good heads are better than one, was the major reason why I involved him in this. We starting drafting ideas and features from February 2016 till November 2016, and to be honest, he was extremely hard working, useful, insightful and helpful through out that period. And up till date I'm very contented with what we both achieved during that period.

However problem started when it was time for both us to start building. Our plan was to get some developers to help join us in building the website as it is something that will be too tideous for both of us to do alone. The problem now is that since November 2016 up till date he has been stalling this project, always procrastinating and less supportive so far building of this project his concern. He sometimes still bring new ideas to add to our project but less supportive when I talk about building it!

So right now I am extremely confused and fed up, I've put all my life into this, as it's my biggest dream. But I'm not getting anywhere with him anymore. We have no writing agreement yet, but verbally agreed on a 60/40 slip. But I can't go and build this project alone and still give him that percentage as I think it will be very unfair to me. We also need some finance which I'm set to sell one of my landed property for, but he has basically stop contributing

Guys I don't know what else to do, he's stalled this project for 2 years already and I don't want to waste anymore time waiting for him please advise me on what to do next because I can't think straight.

You've already made one huge mistake by not putting your agreement in writing, especially stating what each party is to contribute to the project, as well as what each party gets in terms of equity. You also should state release clauses that determines what happens when one party decides to pull out of the project. That would have helped you figure what to do at this time that he's stalling, as well as keep him on his feet.

Going forward, I think you should firstly draft an agreement and get him to assent to it, then enforce the terms of that agreement. If that is not feasible, then I suggest you both part ways according to your original 60/40 percent, then you find someone else AND draft a writing, binding agreement, as well as set a deadline, taking into cognizance, what you got from your initial engagement with your current partner. Also, DO NOT SELL YOUR PROPERTY UNTIL YOU HAVE SORTED OUT EVERY ISSUE BOTH OF YOU ARE FACING AND THE PROJECT IS BACK ON TRACK, OR YOU HAVE BOTH GONE YOUR SEPARATE WAYS.

well it is not too late, you can still draft an agreement and let him sign. arrange for a meeting and discuss what is on your mind. and forget to include a date of forfeiture if any of the party fails to hold up to their end of the bargain starting from the date of the meeting.
don't forget to check my signature

bot101:
You've already made one huge mistake by not putting your agreement in writing, especially stating what each party is to contribute to the project, as well as what each party gets in terms of equity. You also should state release clauses that determines what happens when one party decides to pull out of the project. That would have helped you figure what to do at this time that he's stalling, as well as keep him on his feet.

Going forward, I think you should firstly draft an agreement and get him to assent to it, then enforce the terms of that agreement. If that is not feasible, then I suggest you both part ways according to your original 60/40 percent, then you find someone else AND draft a writing, binding agreement, as well as set a deadline, taking into cognizance, what you got from your initial engagement with your current partner. Also, DO NOT SELL YOUR PROPERTY UNTIL YOU HAVE SORTED OUT EVERY ISSUE BOTH OF YOU ARE FACING AND THE PROJECT IS BACK ON TRACK, OR YOU HAVE BOTH GONE YOUR SEPARATE WAYS.

bot101 thank you very much for your advice, I will try to get a lawyer to draft an agreement for us ASAP, and see how it goes. My major concern is if he will sign it tho.

Secondly, we can't really share what we have 60/40 yet, because you know what we have cannot be converted into cash yet. Though we have 3 registered websites. And a lot of other websites names that we are yet to register, some names that we plan to trademark for this project, and lot of manuscripts contains our works etc.

So you see there is no way we can share it 60/40 just yet.

Do you have any suggestions on what can be in the agreement?

Blakjewelry:
well it is not too late, you can still draft an agreement and let him sign. arrange for a meeting and discuss what is on your mind. and forget to include a date of forfeiture if any of the party fails to hold up to their end of the bargain starting from the date of the meeting.
don't forget to check my signature

What if he refuse to sign? Is there any other way forward? Like getting a new co-founder and setting aside say 10 - 20% equity for this my old co-founder?

Of course I don't get a new co-founder without a reasonable vesting agreement.

Must you work with a co-founder? A lot of successful start-ups have just a founder. Get a good contract lawyer to draft a proper contract. Its either he signs it or he works away. Ensure that your rights are protected all round in the contract.

You need to execute an agreement and/or register the company. I'm a lawyer, you can reach me by calling 08075838413 or send a whatsapp message on 08067746357

dlissint:


What if he refuse to sign? Is there any other way forward? Like getting a new co-founder and setting aside say 10 - 20% equity for this my old co-founder?

Of course I don't get a new co-founder without a reasonable vesting agreement.

well if he refuse to sign then you don't owe him anything. for one you guys are in the planning phase which is the easier part, when comes to the real deal that's the hard part, trust me by then you guys will need all the passion you have to pull through. no start up is easy especially when it comes to the tech and ICT sector, if he no believe in the project, fine someone with similar idea and passion, as for setting aside percentage, well that is from your own big heart because whether the project fails or succeed is entirely up to you guys minus him for now.

as for finding co-partner, that is what we are trying to achieve in NSG. we believe when our work is done, the era of tech guys working alone will be over.

royalads:
Must you work with a co-founder? A lot of successful start-ups have just a founder. Get a good contract lawyer to draft a proper contract. Its either he signs it or he works away. Ensure that your rights are protected all round in the contract.

It's always easier said than done. If the start-up was to be just a road side business, trust me I would have done it alone.

Blakjewelry:

well if he refuse to sign then you don't owe him anything. for one you guys are in the planning phase which is the easier part, when comes to the real deal that's the hard part, trust me by then you guys will need all the passion you have to pull through. no start up is easy especially when it comes to the tech and ICT sector, if he no believe in the project, fine someone with similar idea and passion, as for setting aside percentage, well that is from your own big heart because whether the project fails or succeed is entirely up to you guys minus him for now.

as for finding co-partner, that is what we are trying to achieve in NSG. we believe when our work is done, the era of tech guys working alone will be over.

Thanks very much for your advice, will see how it goes.

WHY is he no longer interested?

Is he working on something else and subtly killing this?

Co-founder without any legal binding, is as good as dead! You can always move forwards with your startup since he isn't even showing interest any more.

Watch your back. Dude may be executing ur plans alone without ur knowledge, stalling your collective plans in order to buy time. Be smart. Why didn't he start procrastinating during the planning? If you have an idea, mind who you share it with. I might be wrong though.