Plan B nearly ready - Who to ask for advice?

[Cr1spy]

Let's hope you're not one of the 85% of startups who fail in the first 18 months....

Mark Corrigan - Peep Show...

Why thanks! He who dares, Rodders...

[stek]

Let's hope you're not one of the 85% of startups who fail in the first 18 months....

Mark Corrigan - Peep Show...

[Bee]

I've been reading the site for years...

[Einstein Jnr]

But you stated the share ratio was 50/50 in your original post...

[Cr1spy]

Really worth joining a start-up club, you will find some good contacts.

You could also look for an Angle investor for your project. Look for someone who has done this a few times, they will walk you through the process. You can find someone at a pitch evening at a start-up club.

Get a NDA signed, pitch your product. Angle investor will give you some good feedback/free advise.

Excellent advice. Many thanks.

We actually have an Angel investor already! But still need to finalise the share to investment ratio (all part of the valuation). He also has excellent industry contacts and has lined up several potential clients too.

Have a stack (well several) signed NDAs on my desk too. Coming together (fingers crossed)

[alreadypacked]

Really worth joining a start-up club, you will find some good contacts.

You could also look for an Angle investor for your project. Look for someone who has done this a few times, they will walk you through the process. You can find someone at a pitch evening at a start-up club.

Get a NDA signed, pitch your product. Angle investor will give you some good feedback/free advise.

[Lance]

I need to find some independent advice on how to: transfer the ownership of the code base to the new entity, value that asset, ensure entrepreneur relief is available, other tax incentives available. And that sort of thing.

What you need is a solicitor.
Avoid business advisers as they'll want some money and you'll still need a solicitor.
You'll need him/her to draw up contracts of employment/directors agreements to make sure that
- the terms of the IP and ownership are cast iron
- what happens if one of you dies
- what happens if you fall out
- what happens if one of you dies
- what happens if you are remarkable successful
- how can one of you buy the other out
- how can you ensure that both of you are committed in a fashion that you both agree on

etc. etc.

Expect to pay a few grand.

And an accountant but everyone else has already said that.

[tomtomagain]

Which area of the country are you in? I know someone who could help ( I think ) in the Oxfordshire area.

[Cr1spy]

I've been reading the site for years...

[Hobosapien]

For the legal side an Intellectual Property lawyer/solicitor/adviser may be worth seeking. Someone local you can make an appointment with for a chat at minimal cost to work out what needs doing and how much they'll charge.

The financial side can probably be handled by an accountant.

[WTFH]

He obviously knows what to expect from us.

[Cirrus]

Does Not Compute

I'm not looking for answers from a contractors forum.

[Cr1spy]

Thanks, I understand that there are several levels of questions to be answered. I've been deliberately vague because I'm not looking for answers [edit]to important financial questions[/edit] from a contractors forum.

Saying that: if anyone has any experience in this kind of thing I would love to hear about it.

This is a big step (for me at least) moving from a day rate slave to an independent software vendor. Gulp.

[northernladuk]

I need to find some independent advice on how to: transfer the ownership of the code base to the new entity, value that asset, ensure entrepreneur relief is available, other tax incentives available. And that sort of thing.

IMO you are asking the wrong question and are being far too simplistic. Ownership of code and assets is a business level question. ER and tax incentives is running the business. I can't believe you are going to find one person to do all that. You need business help with one and accountancy help with the other. You need to be more specific with what you are trying to achieve and then you might have a better idea who to speak to.

[Cr1spy]

Hello,

Myself and a fellow contractor have been working on a plan B software solution for the past 10 months. It's not far off being a viable product and we* now want to create a company entity that owns it and split the shares 50/50.

* Mainly me pushing for it. I'm little too long in the tooth to have sole trust on a gentlemen's agreement.

I need to find some independent advice on how to: transfer the ownership of the code base to the new entity, value that asset, ensure entrepreneur relief is available, other tax incentives available. And that sort of thing.

Online research only appears to bring up IFA's that are effectively product re-sellers (insurance, pension, loans, snake oil, etc).

Can anyone recommend a good small business adviser who's not just an insurance/pension broker? Or a good place to try and find one?

Many Thanks,

Cr1spy