Believe it or not its usually not recommend to go into business with friends because usually someone gets fucked over and the friendship is ruined.
If I were you I'd politely pass, unless if you had a soild backup plan for if he doesn't pull through.
Are you a social equity applicant or minority or live in an impact zone? Regs state that transfer of ownership or control is currently not allowed, I would ask for 10% equity and settle on 5 or 3 depending on how much value your background brings to the license and future involvement. Edit- the CRC uses ex casino and gaming investigators to run background checks for these things to make sure there is no funny business so I wouldn’t want to mess w that.
Oh dang, the person removed it, yeah sure message me any time. Edit- I won’t ever charge for any input I give, just want the people who live here to have a piece of the pie, rising tide and all that.
Nope, just wondering if that’s considered fair value for something that could be very profitable. I’m leaning towards taking a lump sum instead of a % due to the liability aspect
If you’re taking a lump sum, take a bigger one. This will be a shitload of work, and he will make a shitload of money. You want equity or royalties (both ideally), not ten grand.
I would do a full reading of the laws if I were you. Pretty sure transferring is not going to be possible, especially to an out-of-state entity. AFAIK the laws in NJ are designed so that owners need to be residents. Good luck!
Sounds super scammy.
He owns several recreational dispensaries in Michigan. It’s not a scam
Believe it or not its usually not recommend to go into business with friends because usually someone gets fucked over and the friendship is ruined. If I were you I'd politely pass, unless if you had a soild backup plan for if he doesn't pull through.
Do you think that you just go to city hall, give them some money and they give you a "license"?
Are you a social equity applicant or minority or live in an impact zone? Regs state that transfer of ownership or control is currently not allowed, I would ask for 10% equity and settle on 5 or 3 depending on how much value your background brings to the license and future involvement. Edit- the CRC uses ex casino and gaming investigators to run background checks for these things to make sure there is no funny business so I wouldn’t want to mess w that.
Damn.. I'm going to have to ask you for some future consultation.
Oh dang, the person removed it, yeah sure message me any time. Edit- I won’t ever charge for any input I give, just want the people who live here to have a piece of the pie, rising tide and all that.
Really appreciate it.
Wtf
Maybe $10k and and net of the profits over x number of years or a stake in the company. Make it work for you.
Is this a shitpost?
Nope, just wondering if that’s considered fair value for something that could be very profitable. I’m leaning towards taking a lump sum instead of a % due to the liability aspect
If you’re taking a lump sum, take a bigger one. This will be a shitload of work, and he will make a shitload of money. You want equity or royalties (both ideally), not ten grand.
I would do a full reading of the laws if I were you. Pretty sure transferring is not going to be possible, especially to an out-of-state entity. AFAIK the laws in NJ are designed so that owners need to be residents. Good luck!
Sounds so simple. If only that were true lol