Results 1 to 5 of 5
  1. Collapse Details
    Bringing in a family member - Adviser, CMO, something else?
    Hello all!

    I've been looking for a community to join where I can share my experiences starting my own company with others, and hopefully get a few questions answered as well.

    Quick background: I have been a software engineer for the last 10 years or so, the last four in a leadership role. I completed my masters recently and have finally given into the urge to start a software company. In particular I'm working in Augmented Reality. Through a number of local contacts and startup meets, I've landed my first contract with another company.

    I am fortunate to have a couple great parents who are well equipped for this type of endeavor. In particular my mom has been in marketing and advertising for 30 years, and most recently the COO of a marketing firm. She retired a few years back but has been great for bouncing ideas off of in these early months of the company. I would like to give her some more formal of a role in the company, but I'm not quite sure how to go about it.

    There are obviously concerns with hiring family members, not the least of which is optics to future employees, which I am considering. That being said, I don't want to exclude her entirely from the operation, as I feel like getting her experience elsewhere would be significantly more expensive.

    Here are a few of the options I'm considering. I'm open to any additional options, or some sort of combination of these:

    1) Do nothing. Keep her as an "informal adviser" with no ties to the company. Bounce ideas off of her occasionally but don't ask her to actually do anything.
    2) Maker her a formal adviser. Consult with her regularly on marketing issues, but still don't ask her to personally get involved in the process. (a small sliver of equity)
    3) Create some sort of role like "Marketing Director" which is not a "C" position nor a cofounder position. Acts as an adviser as well as an active contributor. (a slightly larger amount of equity)
    3) create a "Fractional CMO" type role which is more integrated than option 3. Probably around 1+% equity.
    4) Ask her to be my full time CMO. 3+%(?) equity.


    The things that appeal to me about 3, 4, or 5 is that I don't feel guilty about asking her to dive in to marketing campaigns, doing research, working with my designer on contract, etc. Those are things I would have to do myself (much more poorly, in all likelihood) where I'd much prefer to spend my time focusing on the bigger picture and product development.

    Has anyone done anything like this (either with a family member, or a non-related individual). Thanks for all your feedback!


    Share on facebook


    Reply With Quote
     

  2. Collapse Details
    What's the secret to running a successful family business? ... More than 30 percent of all family-owned businesses survive into ... Many family business consultants say the primary reason for this ... There also needs to be an integration plan for when you bring a family member into the business, says Rivers.


    Share on facebook


    Reply With Quote
     

  3. Collapse Details
    What's the secret to running a a success family enterprise? More than 30 percentage of all own family-owned organizations live on into Many circle of relatives business consultants say the number one motive for this There additionally wishes to be an integration plan for while you carry a family member into the enterprise.


    Share on facebook


    Reply With Quote
     

  4. Collapse Details
    What's the secret to running a a success own family enterprise? More than 30 percentage of all family-owned agencies live to tell the tale into Many circle of relatives business specialists say the number one motive for this There also needs to be an integration plan for while you convey a member of the family into the enterprise, says Rivers.


    Share on facebook


    Reply With Quote
     

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •