About a year and a half ago, I was presented with a business concept by a friend and his friend that the friend had come up with. They asked me to join as they needed someone with management experience to help build, launch and run the venture.
We have been working on it ever since and as of about 4 months ago, all went in full time so that we can pitch investors, raise the capital we need to start and launch the company.
We are still in that process but something that has happened over the last year (more the last 4 months that I have been full time working with these guys) is that my friends friend (the originator of the concept) is becoming a large disappointment in my eyes.
I feel like I am constantly having to check in on him, to the point that I am almost micromanaging, to make sure things are done and done right. Its a tough situation because we are all supposed to be "equals" both from a percentage standpoint and just being peers. Though I was appointed the CEO in the last 5 months, I have tread lightly using that position power over him because I want us to take the initiative because its our business not because they are forced to.
I finally blew up a bit yesterday at our weekly management meeting because I can no longer take treating a managing partner in the company like he is a DR in an entry-level position. His attention to detail and initiative seem to be lacking and no matter how much I stress that our company is going to live and die by our excellence in execution (service-based company) and attention to detail (to the point of requesting he read certain books/articles), I feel that it may just not be in his nature.
In his defense, he does not have much experience in business (read management or a great deal of responsibility in general) but does have a 4 year degree and has worked for a major company in the past.
Further, I started on board as the COO but once one of our investors started meeting with us, he requested that I become the CEO and "the originator" become the COO for the betterment of the company. While i'm sure that stung a bit, I made the transition all about what was best for the company and best utilized our respective experience and I honestly do not think that he is purposely sabotaging the company or our operations.
My concern is that as a 3 man team getting ready to launch a fairly large venture, and with him in a role that will essentially guide the day to day operations and the employees, how are things going to be when we are actually operational and I have even more than the 10 million things i currently have on my plate. I can't babysit him to make sure he is doing his work or MUCH more importantly that its being done to my/the company's standards.
Obviously I can't let him go and he was the originator of the concept. My end goal is that he steps up his work ethic and quality and we are able to make this new company great but i'm at a loss of what else to do to make that happen.
If anyone has been in a similar situation, I would greatly appreciate any insight on what may help this very stressful issue that I am experiencing.