I need some serious advice. I appreciate any input….
I run a company in the supplement space. It's a single member LLC. I work with a manufacturer who produces and bottles my product. They ship it to me. I ship it from my warehouse space. I have 1 employee who handles customer service and orders from the website. I take care of marketing (which is 90% of the work). My product is sold on our website. We USED to be on Amazon.
The company Amazon seller account was banned due to a f*ckery from ex-employee (used company money meant for product testing on herself. self forged testing docs to Amazon). That basically cut revenue in half. We NEED to get back on Amazon.
A few years ago I connected with a guy who needed advice on entering the industry. I offered him sound advice. We caught up a few weeks ago and he is doing very well. VERY WELL. He is in the position where he is now able to give me valuable advice. His recent problem is that his new supplement products are not doing well on Amazon. My experience was completely different.
Apparently, he knows of a lawyer who can assist in helping people regain their Amazon Seller status. He knows more than a few things about this industry and he could bring ALOT of value ($) to my business.
He has expressed the desire to work together and I want the same thing...I want to offer him a spot with the company and handle back-end operations with Amazon, IF he can assist in the restoration of the Amazon account.
My questions for YOU:
- What type system do you suggest that I use to work with him? Profit sharing? Ownership? I'm not even sure of the options. Let me also say that I have no problem letting him have 50% of all Amazon revenue (not from any other sales channels, including the website)
- If things go well, and he wants an official stake in the company, would I have to change my company from a LLC to another structure?
- Any other extra advice? Is there something that I am missing? Something to look out for?
I run a company in the supplement space. It's a single member LLC. I work with a manufacturer who produces and bottles my product. They ship it to me. I ship it from my warehouse space. I have 1 employee who handles customer service and orders from the website. I take care of marketing (which is 90% of the work). My product is sold on our website. We USED to be on Amazon.
The company Amazon seller account was banned due to a f*ckery from ex-employee (used company money meant for product testing on herself. self forged testing docs to Amazon). That basically cut revenue in half. We NEED to get back on Amazon.
A few years ago I connected with a guy who needed advice on entering the industry. I offered him sound advice. We caught up a few weeks ago and he is doing very well. VERY WELL. He is in the position where he is now able to give me valuable advice. His recent problem is that his new supplement products are not doing well on Amazon. My experience was completely different.
Apparently, he knows of a lawyer who can assist in helping people regain their Amazon Seller status. He knows more than a few things about this industry and he could bring ALOT of value ($) to my business.
He has expressed the desire to work together and I want the same thing...I want to offer him a spot with the company and handle back-end operations with Amazon, IF he can assist in the restoration of the Amazon account.
My questions for YOU:
- What type system do you suggest that I use to work with him? Profit sharing? Ownership? I'm not even sure of the options. Let me also say that I have no problem letting him have 50% of all Amazon revenue (not from any other sales channels, including the website)
- If things go well, and he wants an official stake in the company, would I have to change my company from a LLC to another structure?
- Any other extra advice? Is there something that I am missing? Something to look out for?
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