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How to split potential profits from a project? Partnering.


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#1 Gene Sung

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Posted 05 August 2016 - 10:34 AM

Hello Friends, 

 

I’ve created an episodic series and wrote the pilot which will be shot in the next month or two. However, I feel like I need to bring on a partner (I have several people in mind) because I feel that this project has a bit of legs and would need someone to help produce and more importantly, promote it once its done (I’m terrible at the business end of things). 

 

So it basically goes, I wrote it, co-producing the pilot, I’m going to DP and do all the post. My partner to be will direct the shoot, co-produce and probably do more of the business legwork.

 

My question are:

 

1) How do we go about splitting potential profits, IF something comes out of it? A producer friend suggested that I get a little more since I created the project. I know these things should be established up front to avoid any conflicts down the road.  I was thinking either: 

 

55% to 45% or 60% to 40%. Or should I just do 50% to 50%?

 

2) At what point should we bring up the contract? The thing is, I want to make sure my partner will pull his weight so I was thinking of stipulating a 3 month trial period to see how things go; and if all is well then sign a contract? Does this seem fair?

 

 

Thanks


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#2 Brian Drysdale

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Posted 05 August 2016 - 10:45 AM

What sector do you see as the market for the series? I suspect the figures you're talking about may not have legs for possible finders, who'll be expecting a return on a high risk investment.


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#3 Gene Sung

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Posted 05 August 2016 - 12:14 PM

Hi Brian,

 

At this point, I'm just trying to figure out the split between myself and my partner.

First thing is just to shoot the pilot. If it does get to the point of possible finders and potential investors, I'd be thrilled, but not looking that far ahead yet.

 

Thanks,

 

Gene


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#4 Michael LaVoie

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Posted 05 August 2016 - 12:34 PM

Hire a Business / Legal VP for your production company.  This attorney can advise you on how to structure a partnership, profit sharing etc.   There are also books on the subject but having practical advice from an entertaiment attorney who is experienced in these matters is the way to go.


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Technodolly

Aerial Filmworks

CineTape

Visual Products