What would you suggest for partnering with a client?

[NMdad]

I have a question about how to structure a partnership with someone who's a current client.

Background:

• One of my current consulting clients (who's an attorney, & for whom I've done consulting work for 10+ years) has a business idea which is essentially building a database of leads, and selling access to the leads to businesses.
• I'd be doing all the technical work (building the database, the website, SEO, payment functionality, etc.).
• My client/potential-partner would provide legal services/know-how to obtain hard-to-access info that would make the data more valuable to buyers, & they might also do some sales.

So, how would you recommend structuring a partnership?

I've been burned in the past trying to partner with people.

And, I don't want to screw up the relationship with the client, since I get a significant amount of consulting revenue from this firm.

To structure things, I'm thinking something bare-bones, like for 60 or 90 days, then re-evaluate--and spell out each of our duties, ownership, revenue split. I'd rather not create a new business entity just to test this idea...

What would you suggest?

What'd be a simple way to start this--without it being complicated, and with relatively little risk?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[SPM_ENT]

I have a question about how to structure a partnership with someone who's a current client.

Background:

• One of my current consulting clients (who's an attorney, & for whom I've done consulting work for 10+ years) has a business idea which is essentially building a database of leads, and selling access to the leads to businesses.
• I'd be doing all the technical work (building the database, the website, SEO, payment functionality, etc.).
• My client/potential-partner would provide legal services/know-how to obtain hard-to-access info that would make the data more valuable to buyers, & they might also do some sales.

So, how would you recommend structuring a partnership?

I've been burned in the past trying to partner with people.

And, I don't want to screw up the relationship with the client, since I get a significant amount of consulting revenue from this firm.

To structure things, I'm thinking something bare-bones, like for 60 or 90 days, then re-evaluate--and spell out each of our duties, ownership, revenue split. I'd rather not create a new business entity just to test this idea...

What would you suggest?

What'd be a simple way to start this--without it being complicated, and with relatively little risk?

Seems like you have a good thing going, what benefit does the partnership bring you? Risk vs Reward.