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Re: [newtech-1] Quirky valuation question

From: user 8.
Sent on: Sunday, March 17, 2013 8:23 AM

Hi Andrew,

Just to let you know i feel your pain.  I too have been trying to bring a mobile app to market. I hired a designer and developer. Everything was fine until I paid the developer 3/4 % of the project.  Now he is barely working on the app and it seems the only way he gets anything done is if I threaten him with my lawyer or write a bad review in yelp.  It is a very bad situation to be in, when you financially get involved with someone and they just don't follow through.  I am financing the mobile app myself.  No investors.  I'm a single mom with two young kids, so you can imagine how upsetting this is to me.  The developer knows this and still could care less. I've paid him thousands of dollars.  I'm speaking to my attorney tomorrow to see if I can get out if the contract and get some money back.  My dream still remains of bringing my app to life.  I will only have a little money left to finish the job, but I hope I can find a developer that will be willing to work with me on the budget.  Sorry to hear about your problem with your app and for whining about my situation.  Wish people would be more professional and make good on their responsibilities.  Good luck Andrew.  If I find out something from my lawyer tomorrow that can help you, I will definitely share it with you.

Betty

On Mar 17,[masked]:59 AM, "Andrew Muench" <[address removed]> wrote:
Hi NYTM, 

I have a bit of a quirky problem and am out of ideas for next steps or solutions. Has anyone faced this issue in the past? Any suggestions would be appreciated!

The story: My brother (David) and I (Andrew) started building a mobile app in 2010. In 2011 we added a third programmer, a friend of a friend of David's, named Tim. Tim was assigned to work on a specific piece of our product, which now we have no plans to use. However, in 2012 we made him a 33% "equity" owner in the company. In late 2012, we kicked him out for being entirely unresponsive and unproductive.

The problem: Our pro bono lawyer (Jack) is advising us to find a valuation for the project / LLC (if relevant) so we can effectively buy out Tim's "missing hole" shares before we launch our beta. I am not sure what type of valuation is even needed here, if at all, or where I might find someone to do this work if this is the right direction for me to move. How much do you suppose it should cost me for this "quick" assessment?

Thanks in advance,

Andrew

PS - The app is called "Skimmin", and we help readers catch up on the news in the quickest way.

--
Andrew Muench
[address removed]



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