Backing Deal REDUX and update

[semipro]

About six-seven weeks ago, I posted my Backing agreement on this forum and asked for responses. Mostly I found that my backing deal was not a very good one for me.

Previous Backing Post

Well, I wanted to return to the forum for two reasons.

1. Results of this two-month backing.
2. Advice on how best to construct the next backing deal.

Results-
Through this writing on December 28, starting the BR w/$3000, the roll is now up to $7700, for a $4700 profit, of which I unfortunately will be splitting half of w/my two backers. Seeing half of my profits "given" away to my backers has left me somewhat bitter.

Future Backing Deal-
I would like some advice on how best to structure my next deal. The goal of this new deal would include some MTT and some BIG live events, possibly the PPM III, Five Star Classic at the Bellagio, and hopefully the mecca, WSOP 2005, mixed in with various online cash games. I WILL not go back and make the same deal of 50% profit sharing again. That is a waste of my time and effort, and simply makes my backers more money than they deserve.

Here are some questions to consider.

1. How much will their re-backing be? I was originally thinking of 1500 each, but now am thinking at least 2k, maybe more.

2. What percentage of profits should be shared w/them?

3. Should my profits from the ring games be included in the profit share?

4. Any other thoughts and points that you would like to include, please feel free to chime in.

Thanks in advance for any input.

[AustinDoug]

You now have a BR of $3,350, which is more than the $3,000 BR you started out with two months ago. If you were comfortable playing at higher levels with $3,000, why wouldn't you continue to play the same levels with your $3,350.00?

I don't like your original deal in that with a 50/50 split, I would expect for them to back ALL of the BR. With that being said, don't be too "bitter" about splitting the loot. That's being very results oriented. What would you think if you had run into a bunch of bad beats and lost their $2,000?

[semipro]

I will continue to play the mid-stakes w/ my BR, however, the goal of a new backing deal would be focused more on the MTT and live tournaments.

Bitter, not b/c of the results, but that I allowed myself to enter into such a deal.

[turnipmonster]

explain why you need a backing deal at all?

also, what makes you think that you will have a positive expected value in large buyin tournaments? just curious. I wonder this about most people that play large buyin tourneys.

[semipro]

I want a backing deal for my ring play, b/c I like playing the higher stakes, but don't have the BR to do so. But also am realistic enough to realize that another 50% split on profits is a bad deal.

And I do not expect the MTT's to be +EV. I am more realistic than that. I want the chance to play in some live MTT's. This is the MAIN reason I want backers, b/c i do fully expect that whatever buy-ins I put up will be -EV. My friends and I, we have this "dream" of me being on ESPN and the WSOP. Now, i know that this is extremely far-fetched, and that the thought of making it to the WSOP besides a direct buy-in is highly unlikely. But in the unlikelihood of coming out ahead, I still need to have a plan in place for a new backing deal.

[Wake up CALL]

[ QUOTE ]
And I do not expect the MTT's to be +EV.

[/ QUOTE ]

This has got to be one of the best reasons for looking for backers I've ever seen posted. I hope some sucker, err, someone rewards you for your honesty.

[semipro]

Yup, and realistic.

However, I would still appreciate further comments on how to better this deal than from the last time.

[ChicagoTroy]

I would start by not saying you have a negative expectation in tournaments. People tend to not invest money in -EV ventures.

Jesus.

[Losing all]

Your friend has strange "dreams", but at least you don't want to pay him much if this -ev ship comes in.

[dogmeat]

You are a tool.

Do you see why?

Dogmeat [img]/images/graemlins/spade.gif[/img]