Thinking of finding a partner - but how?

[BenTargett]

A little over 5 years ago I started a business delivering activities for corporate events. Things were slow to begin with but 5 years down the line we are making headway and getting some really exciting contracts.

Just over 3 years ago my wife started working for me and I thought this would be a good way to divide the work, however we have both realised we are, unsurprisingly good at the same things and not so good at others.

This has lead me to thinking about finding a business partner to fill some of the skills gaps we have and help us to really drive the business forwards.

But where do you look for a business partner? Friends? Family? Sandwich board in the town centre?

Thanks in advance!

 

[STDFR33]

Do you need a business partner? Or could a skilled employee fill the gap without giving away equity?

 

[MyPensionAdviceExpert]

Perhaps join a networking group in your sector? A good start would be to set up a Meetup on Meetup.com or see if there are any existing Meetups in your sector.

 

[BenTargett]

Thank you both.

I hadn't considered the employee angle, and will take a look at the networking idea, although it's a pretty niche sector which sometimes limits options.

 

[justinaldridge]

I think it's very hard to have a business partner anyway and often working with your wife/husband can bring its own challenges.

Myself and my business partner, Mike, were friends before we started working together. He is very commercial and I am very technical, so our skills complement each other. We also truly respect each other's strengths and respective responsibilities within the business. Sometimes we do clash but we resolve it straight away and get on with it.

I think unless you know someone who you can really trust and you know will bring some really core skills to your business then you should do as suggested above and employee someone to fill that requirement in your business instead.

 

[Annoying Donkey]

If you know your niche, how about headhunting...
In any case, I would offer a shortish contract first with progression to full partner based on some criteria you set now...

 

[The Byre]

I would be looking for a similar operation as yours, but with a different skill set and cooperate with them, rather than going down the (very dangerous) pathway of a full-on partnership (that so often ends in tears!)

Perhaps you could explain which skills you lack and which skills you have that would benefit another company.

 

[BenTargett]

Thanks again for the replies.

In hindsight, perhaps I jumped too quickly to the partner option, perhaps an employee would actually work as well.

If I were to list the aspects I would look to address they are probably two fold. Firstly, our marketing needs addressing. We don't really do much and what little we do has been focused on the wrong market. This role would be relatively easy to fill.

Secondly I need a doer. Someone to put my plans into action and kick me a little if I haven't. This could be anything from building a new team task to booking appointments. I think I could fill the hands on role but would probably need to re-motivate myself.

Lots of thinking ahead I feel.

 

[The Byre]

I need a doer. Someone to put my plans into action and kick me a little if I haven't. This could be anything from building a new team task to booking appointments.

A wife?

 

[obscure]

+1 to the above. A business partner is like a life partner. You need to find out if you can work together before you get hitched. Go the employee route first. You can always make them a partner/shareholder as a reward later. It is much harder to remove a partner/shareholder who turns out not to be a good fit.

Also make sure that you put in place a good shareholders agreement before you even mention the possibility to any employee of them getting shares.

 

[BenTargett]

Tried the wife approach. Let's just say she and I do not see eye to eye about business.

A wife?