5 {{ upvoteCount | shortNum }}
5 {{ upvoteCount | shortNum }}

Advice needed for offline JV (UK)

by RobFountain
4 replies
I've been presented with a great opportunity to work with a great online/offline retailer. They want to hand all responsibility of running the website over to me and my associates. We'll have to deal with SEO, social media, conent usability etc for a percentage of online profits.

Keyword research looks great, there is opportunity to turn it from a six figure business into seven figures given enough time.

Where I'm stuck is I'm not sure how to form the relationship. What do you warriors suggest? get a solicitor to draw up a formal agreement where we guarantee a certain amount of time will be dedicated? It could get complicated if they want certain KPI's in place. Alternatively if it were a 'looser' agreement it would make life easier but then we could be dumped after putting in the hardwork.

All thoughts appreciated.
#advice #needed #offline
  • Profile picture of the author ayma
    Originally Posted by RobFountain View Post

    I've been presented with a great opportunity to work with a great online/offline retailer. They want to hand all responsibility of running the website over to me and my associates. We'll have to deal with SEO, social media, conent usability etc for a percentage of online profits.

    Keyword research looks great, there is opportunity to turn it from a six figure business into seven figures given enough time.

    Where I'm stuck is I'm not sure how to form the relationship. What do you warriors suggest? get a solicitor to draw up a formal agreement where we guarantee a certain amount of time will be dedicated? It could get complicated if they want certain KPI's in place. Alternatively if it were a 'looser' agreement it would make life easier but then we could be dumped after putting in the hardwork.

    All thoughts appreciated.
    I own a UK based IT Company, so here is a story for you:

    We used to deal with a retailer who paid us monthly for managing their e-commerce side of the business, but as I was friend with the owner, it was all verbal.

    The company went into administration and all the suppliers were paid but not us, becuase there was no written agreement.

    We, however proved that there was an agreement because the money was paid into our account monthly. But that was a long process.

    If you are a small business and will rely to pay wages from the money you receive from this business, then make sure there is a safeguard in place. Spend a couple of hundred quid and get a solicitor to go through the contract.

    We all know how big businesses try to screw small ones don't they!

    If there is commission involved, then make sure you have a way to track the sales, rather than relying on them.

    The most important thing is, make sure there is a clause in the contract that they will have to pay you by a certain day and the consequences for failing to pay you in time.

    Hope this helps.
    {{ DiscussionBoard.errors[3612797].message }}
    • Profile picture of the author RobFountain
      Thanks Ayma sound advice
      {{ DiscussionBoard.errors[3615533].message }}
      • Profile picture of the author ayma
        Originally Posted by RobFountain View Post

        Thanks Ayma sound advice
        Not a problem, Wish you all the best in your venture.
        {{ DiscussionBoard.errors[3642756].message }}
  • Profile picture of the author blueboy0510
    make sure you are comfortable with all points of the contract, anything you are unsure about get your solicitor to explain in detail

    If the business can grow as you project then you want to be fully covered to ensure they just do not snatch it back from you when it does hot the 7 figures

    Most business ventures start out with great intent, however when the numbers start jumping up greed can be a horrible animal
    {{ DiscussionBoard.errors[3646933].message }}

Trending Topics