"ERROR: vendor binary demo/demo not found - request to start ignored " can be encountered while trying to starting the lmadmin using the command lmadmin -adminOnly no -allowRemoteStopServer yes 

Things to be taken care of to avoid this issue

1.Use the command "lmadmin -adminOnly no -allowRemoteStopServer yes -configDir <conf_path>"
where <conf_path> is the path to the conf folder. configDir and <conf_path> are required only if the conf folder is not installed in the same location as lmadmin.exe.

2.The server.xml should have the right information as per your daemon

<vendorDaemons>
<daemon dateBasedVersion="false" dlog="false" executable="./demo" license="./counted.lic" logFile="./demo.log" logOverwrite="false" name="demo" port="0" preserveValueforRestartRetries="false" restartRetries="10"/>
</vendorDaemons>

3.The Vendor Daemon executable should be present in the directory where lmadmin is installed.