Signing on with a new production company?

Hello all! I have a few questions in regards to an opportunity. I graduated college in 2008 and have been working non-film related jobs for income, but have been producing shorts, and a feature length in my spare time. I've always wanted to make a move into the film industry though. I'm at a point in my current job that I want to get out of.

Now, an opportunity rolled out where a friend from a few years back that I helped a couple times (not paid) on some film work contacted me. He wants to start up a major indie production and wants some serious help... Pre-production through post. He wants me on board.

Have you guys been in this situation before with a start up company? What type of procedures are common in terms of getting paid? Work out a contract, get paid up front, etc? What are some pitfalls to look out for? Any suggestions for some newbies trying to get on their feet in these situations?

I just don't want to screw myself over by not getting paid or going under, but I'm not entirely sure what the usual protocol is?
 
To repeat the cliché... Don't quit your day job.

The odds of a production company being successful is miniscule; they have been closing left and right the last five years or so. Leaner budgets and more productive in-house units make starting a production company a risky proposition.

The advice of grumpy ol' Uncle Bob (that's me) is to keep your day job, build the production biz and quit your day gig when the new Prod Co has a signed contract in hand; then you are assured of at least a couple of weeks of income.

Now, if you are being offered a job with the new company (rather than investing and being a partner), again, I would think it through carefully. My advice stays the same - keep your day job and work the new Prod Co hard nights and weekends until there is a contract in hand.


However.....

Now is the time to take a risk, while you are young and do not have serious responsibilities like a spouse, children, mortgage, etc.


BTW, make sure that you have about three (3) months survival money (rent, food, insurance, car payments, gas) in the bank, and that your car has recently been given an "everything" tune-up. That way you have three months to get your life back together if everything gets flushed into the cesspool.
 
He wants to start up a major indie production and wants some serious help... Pre-production through post. He wants me on board.

Have you guys been in this situation before with a start up company?

This doesn't sound like a start up company. It sounds more like an independent movie being made.

What type of procedures are common in terms of getting paid?
You make an agreement of terms. You have a bank account and the money is deposited in your account on the specified times. Sometimes a cheque is used instead.

Work out a contract, get paid up front, etc?

Is your friend on the same page as you for this? Is he looking for paid help?

What are some pitfalls to look out for?

Running out of money, getting arrested, getting stranded in a foreign land and possibly in combination of any of the aforementioned situations. Not getting paid, finding out you don't like who you're working with, don't like the working conditions, not being able to perform your duties to a professional standard, having people expect a higher standard than is reasonable and so on... so many.

Any suggestions for some newbies trying to get on their feet in these situations?

Know your stuff, pay your dues, work hard (no, I mean harder than that... yes, and harder than that... yep, now double it and you're starting to get close), learn lots and lots, listen lots and don't screw up.

I just don't want to screw myself over by not getting paid or going under, but I'm not entirely sure what the usual protocol is?

What help is your friend after? There are lots of standard protocols, lots of different ways to do everything. Each dept usually has their own way to do things, different requirements, personality types and so on.

BTW, make sure that you have about three (3) months survival money (rent, food, insurance, car payments, gas) in the bank

This is very good advice... though I consider 3 months to be rather lean. 12 to 24 months is my usual advice. Personally I'm starting to fret right now. I'm down to only 24 months buffer remaining.
 
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