Does anyone else have experience when their cofounder for a new venture already has an established company? While I think this is mostly a positive thing because he brings a lot of industry creditability, and makes shipping much easier because he has a whole team. I wonder how he will plan to separate his attention between the two. Currently in the MVP stage, his team is working on the project, not much him since he needs to manage the company. Anyone think this is potentially can be an issue down the road? Him and his team are also in a different country and I am in the US.
They were originally the team that was engineering my website, then the CEO offered to be my cofounder after seeing what I was hiring them to work on.
It sounds like a terrible arrangement. As much as a business partner might claim they can work on two things at once, it's not the kind of partner you want. Their loyalty is always going to be divided, and their commitment will always be less than 100%.
Perhaps you can have an advisory relationship with this person, but they should NOT be a co-founder. Perhaps a joint venture is an option. Look at the basic requirement for co-founders. A co-founder must share an IDENTICAL vision for your business. Vision is the ideal experience of your product and company for customers, both external and internal.
Someone who is just helping you out, giving you leverage, etcetera, might be an advantageous business partner, ally, or service provider, but they will probably be a lousy co-founder.