Thanks for the feedback. It's a $100k/year relationship to start which is slightly above average compared to the other banks we are in negotiations with and will only grow over time. Our smallest customer generates $50k/year which is why I've been stressing over this so much (because each relationship has such a high LTV).
I've already tried gently pushing back and pointed out my concerns that it could potentially restrict growth by making other clients or investors uncomfortable. I suggested a modification that would require us to notify them of any acquisition offers we were considering so they would then have an opportunity to match and they came back and asked for some sort of restricted ROFR related to offers from other banks.
I like your idea about the "meaningful amount of business" language or requiring a payment of some sort. Extra revenue is always nice :)
Well based on the fact that you posted this question you've already figured out one of the most important things about working for yourself and that is.....
Everyone needs to be managed. It's now simply up to you to manage yourself given that you have nobody to answer to anymore (at least in theory).
The next thing is then realizing that there is no one correct way of dealing with these issues commonly faced by entrepreneurs. Everyone is different and therefore everyone will have different strategies or techniques that work for them as an individual. You really just need to read up, get feedback from others (like you're currently doing), and try a bunch of things to see what works for you.
With that said, here are some general rules that I feel apply regardless of many of the variables that exist.
1) Have a dedicated workspace. I lock the door to ensure that my wife and daughter don't interrupt me. I took crap for this early on but as I explained to my wife....when I was still working at my old job she didn't have the luxury of walking into my office and interrupting me whenever she wanted so there is no need for her to have that luxury now.
2) Keep your work space clean. I struggle with this one and it's easy to let things get out of control. I find that when my office is a mess I want to spend less time in there and I'm more likely to plop my ass on the couch and get sucked into non-productive activity. Taking 5 mins to do regular cleanups prevents your desk from building up and getting overwhelming.
3) Create habits. Humans are habitual by nature. Take notes on how you are spending your time for a week and you will notice patterns. Make a schedule every morning and allocate a certain amount of time for the things you regularly focus on every day and that will help you avoid getting lost in something (like reading HN or TC) for hours before realizing what happened. Also, if you have multiple clients/projects that you have to give daily attention to then work on them in blocks of hours to help make the limited time you have to focus un them more efficient. It will also make tracking your time a hell of a lot easier.
4) Remember that things change. Regardless of what it is...it is bound to change. You just need to be cognizant of that fact and be able and willing to adapt. When I started working from home I was single and could work however long I wanted to, sleep whenever, etc. Now I'm married with a daughter and life just doesn't work like that anymore. My schedule obviously had to change in order to effectively incorporate the new changes into my life. I just had to adapt and go through a new period of trial and error to see what worked best.
Good luck working through it all and just remember to regularly schedule some time to review where you are spending your time and how you can improve.
I've already tried gently pushing back and pointed out my concerns that it could potentially restrict growth by making other clients or investors uncomfortable. I suggested a modification that would require us to notify them of any acquisition offers we were considering so they would then have an opportunity to match and they came back and asked for some sort of restricted ROFR related to offers from other banks.
I like your idea about the "meaningful amount of business" language or requiring a payment of some sort. Extra revenue is always nice :)