The scope line keeps sliding on running IR for 180 LPs

214 emails a quarter is the number I keep staring at. That's about 3.3 a working day across the whole book, which sounds fine until you say each one needs a look at the deal file before you answer. What does answering actually require, do you have to check the distribution ledger every time someone asks why their number changed, or is there a report you can point at?

The part I'd nail down before anything else is the emails about his next offering. Talking to existing and prospective investors about a deal being raised, especially if any part of your pay moves with the raise, is where people run into broker-dealer and licensing questions. It depends on what you actually do and how you're compensated, and it's a securities counsel question, not a forum one. I'd write into the contract that new-offering conversations get forwarded to him and stop there, so the line is on paper.

This looks like every management agreement I've ever signed. Per door pricing, or per investor here, protects you when the base grows and does nothing when the work per investor grows. On our side the rate mattered far less than the exclusion list. Ours runs three pages now: what we do not do, what triggers an hourly add-on, what requires the owner's written sign-off. If he grows from 180 to 320 investors on the next raise, does your fee move? If the answer isn't in the document you will do that work for free.

Ran your numbers. $2,800 / 25 hrs = $112/hr. Now build the year instead of the month. Four quarter closes at, call it, 40 hours each for three deals of reporting and the email wave after. That's 160 hours. Twelve monthly emails per deal at 2 hours each including the data pull, 72 hours. Distribution notices, 4 cycles, 6 hours, 24 hours. Baseline inbound email at 214 a quarter, 12 minutes average blended, 171 hours. I'm at 427 hours before the portal, before anything goes wrong, before one investor decides to be a project. That's 35.6 hours a month and $78/hr. Your 25 is off by 40 percent and the error is all in the quarter-end weeks, so the calendar hurts more than the average does.

$2,800 against 25 hours is $112 an hour, and the 25 is the number to attack first. IR work does not spread evenly. For 180 LPs across three deals on quarterly reporting, the load concentrates into the two or three weeks after each quarter close, plus the stretch when investors start asking about tax documents you did not produce and cannot speak to. If peak months run 45 hours and quiet months run 14, the average can hold at 25 while the calendar does not.

Price the deliverables and the response window rather than the function. A retainer that covers four quarterly reports per deal, monthly emails, distribution notices, and inbound investor email answered within two business days is a scope someone can hold you to and you can hold them to. "Keeping the portal current" is not.

Carve out four things in writing. The migration is a project with a data cleanup component, so it gets a separate quote, and no fixed price until you have seen the subscription records and the capital account history. Tax documents stay with the CPA and you forward what they produce. New-offering conversations go back to the sponsor, since that area can implicate securities licensing depending on your activity and pay, which is a question for securities counsel before you sign. And write in an email volume cap, with anything above it billed hourly.

That $2,800 only holds if the investor base stays static and both deals keep performing. A distribution suspension or a capital call changes IR volume by a multiple. Ask what your fee does in either case, and put a reopener at six months or at the next capital event, whichever lands first.

I did a version of this for a sponsor with 60 investors and the thing that broke me was the six weeks when everyone wanted their tax paperwork. I wasn't producing it, I couldn't explain it, and I still fielded every email twice, once to say it's coming and once when it came and the numbers surprised them. 180 investors times two emails each in one window is a part-time job on its own. Get language that says you route those to the accountant and that the sponsor tells investors that's the process.

$6,000 to move 180 investors into a portal sounds cheap right up until someone's capital account comes over wrong and it's your name on the migration.

Five years of retainers taught me two things worth passing on. First, never take a data migration on fixed price when you haven't seen the data. Do a paid discovery week, look at his spreadsheets, then quote. Second, a six-month rate review clause has made me more money than any initial price negotiation ever did, because by month six you can show him the hours log and he can't argue with his own email volume. Also, thicket, get a 30 day out. If his reporting is late because he doesn't have the property-level numbers on time, that becomes your reputation with 180 people.

From the other chair, the thing that keeps me writing checks to the same operator on my little deals isn't polish. It's that when the roof job went over, I heard it from him in the month it happened rather than in a quarterly that read like nothing had gone wrong. If you take this and his instinct is to smooth things, you're going to spend the job arguing about tone, and that's harder than the hours.

Genuine question, is 180 investors a one-person book at all? Feels like the answer is yes if nothing happens and no the first month something does.

The storage facility will be easy and the thing to watch is whichever asset stops distributing. I hold land in a small partnership and writing a quarterly update about an asset that produced no cash and no news is the hardest writing I do. You end up either padding it or going silent, and silence is what makes investors call. If any of his three deals goes to zero distributions during your term, your email volume roughly doubles and your update gets harder to write at the same time.

trellis, per investor pricing feels wrong to me here. The cost driver isn't headcount, it's the number of deals and reporting cycles. 180 quiet investors in one entity is easier than 40 investors spread across five entities with different fiscal treatments. thicket, before the price, is this a job or the first client of a business? If it's the first client you want the scope tight enough to repeat. If it's a job you may as well ask him for a salary and stop pretending it's a retainer.

Running a small team, staffing is the part I don't think anyone's priced here. Ledger's 427 hours is right in total and wrong in shape. You cannot personally absorb four 45-hour spikes and also answer email inside two days. I'd take it at a retainer around $4,200 with a stated deliverables calendar, hold the migration out entirely, and hire a contractor at $30 an hour for the quarter-end data pull and the mail merge so your hours go to the 20 real conversations. That leaves you roughly $3,000 net in a spike month, which is thinner than $112 an hour reads but survivable. If he won't go past $2,800, the honest scope at that price is quarterly reports and distribution notices only, and he keeps the inbox.