Where can I find potential business partners?

Discussion in 'General Business Forum' started by HeadTurtle, Sep 5, 2019.

  1. HeadTurtle

    HeadTurtle UKBF Newcomer Free Member

    22 2
    I've just signed up to the site, so please forgive me if this is a common question, but I was wondering if anyone has had positive experiences in both finding business partners, and in setting up new ventures with them?

    I'll start by saying that I already run my own online gift shop. We have a good turnover and have been trading for three years.

    I have a number of long term goals for my current business, including expanding further into the US, which is our second largest market. I also have plans to launch complementary, stand-alone businesses but don't feel that I could do this on my own, with current commitments around my main business.

    I'm not much of a people person, and struggle to find and befriend potential partners, so was wondering if there is an online resource for this? Or if this is the online resource and I just haven't found the right area of the forums?!

    Anyway, I won't rant on. Any help or advice would be greatly appreciated.

    Thanks a lot.
     
    Posted: Sep 5, 2019 By: HeadTurtle Member since: Sep 5, 2019
    #1
  2. Paul Norman

    Paul Norman UKBF Ace Free Member

    2,512 769
    Is there a particular reason why you are looking for business partners, rather than employing someone?
     
    Posted: Sep 5, 2019 By: Paul Norman Member since: Apr 8, 2010
    #2
  3. HeadTurtle

    HeadTurtle UKBF Newcomer Free Member

    22 2
    Hi Paul
    Employees are great, but they are only there from 8 til 5, Monday to Friday. I'm constantly obsessing over what needs to be done and what plans need to be put into action (much to my wife's dismay).

    I'd prefer a partner, or partners, as I would want someone with the same level of commitment as I have. Also, I like to think I'm a good all rounder, but if I could find someone that would benefit the business in ways that I can't, then I think it would be hugely beneficial.
     
    Posted: Sep 5, 2019 By: HeadTurtle Member since: Sep 5, 2019
    #3
  4. Paul Norman

    Paul Norman UKBF Ace Free Member

    2,512 769

    Thank you for your reply.

    Finding a partner with the same level of commitment is also hard. Not impossible. But hard. Because even if they, as a partner, have a big equity interest, it is still your baby.

    However, hard is not the same as impossible.

    But that leads to another question, I am afraid! Are you looking for someone to put investment in for equity? Will the partner he receiving shares in a Ltd company?

    The answer to those may steer you in different directions in your search
     
    Posted: Sep 5, 2019 By: Paul Norman Member since: Apr 8, 2010
    #4
  5. fisicx

    fisicx It's Major Clanger! Staff Member

    30,936 9,070
    Suppose you find a business partner and they disagree with your plans or want to do things differently?
    Unlikely to find someone like this. It's your business not theirs. They won't ever have the same level of commitment. Unless you plan to give then 50% of the business.
    Which one it is? If you aren't much of a people person then working with a partner may be a problem as a good partnership needs lots of people skills.
     
    Posted: Sep 5, 2019 By: fisicx Member since: Sep 12, 2006
    #5
  6. HeadTurtle

    HeadTurtle UKBF Newcomer Free Member

    22 2
    Paul: I'd definitely be looking for someone to invest both their money and their time.

    flslcx: I'd want a partner in every respect. If there are differences of opinion, then the options would need to be discussed.

    To be clear, I'm not looking for investors, I am looking for partners. The business would be equally as much theirs as mine, with equal shareholdings, equal workload and equal reward.
     
    Posted: Sep 5, 2019 By: HeadTurtle Member since: Sep 5, 2019
    #6
  7. The Byre

    The Byre UKBF Ace Free Member

    8,978 3,506
    Partnerships nearly always end in tears!
     
    Posted: Sep 5, 2019 By: The Byre Member since: Aug 13, 2013
    #7
  8. billybob99

    billybob99 UKBF Regular Free Member

    1,172 260
    R.I.P partnership.
     
    Posted: Sep 5, 2019 By: billybob99 Member since: Apr 23, 2013
    #8
  9. HeadTurtle

    HeadTurtle UKBF Newcomer Free Member

    22 2
    Yowser... Lots of negativity surrounding partnerships! Are you all speaking from experience?
     
    Posted: Sep 5, 2019 By: HeadTurtle Member since: Sep 5, 2019
    #9
  10. Mr D

    Mr D UKBF Legend Free Member

    16,751 1,869
    While it can be good to get a complementary partner, someone strong in areas you are not - finding someone as able as yourself to get obsessed about the business may be far harder.

    Plenty of people want to switch off and spend time with family and friends, socialising, going out etc. So not wanting to discuss business when you want to discuss it outside working hours.

    Or may be busy with their own business.
     
    Posted: Sep 5, 2019 By: Mr D Member since: Feb 12, 2017
    #10
  11. HeadTurtle

    HeadTurtle UKBF Newcomer Free Member

    22 2
    I'm noticing a bit of a pattern in opinions here. I think maybe I need to do some more research and explore all the options available to me. Thanks guys
     
    Posted: Sep 5, 2019 By: HeadTurtle Member since: Sep 5, 2019
    #11
  12. Paulo1Chop

    Paulo1Chop UKBF Contributor Free Member

    96 9
    Looks like I'm the only one left! I'm in;)
     
    Posted: Sep 5, 2019 By: Paulo1Chop Member since: Jul 12, 2019
    #12
  13. The Byre

    The Byre UKBF Ace Free Member

    8,978 3,506
    Put the word 'partnership' into the forum search function and you will see only two types of entry - those who think that they may be able to make a partnership work and an even larger number who are (in many cases) facing ruin because of the breakdown in partnerships.

    That said, I am in a partnership with my wife of about 50 years. We began our first proper company together in 1979 and we have always been able to make things work - but then we stay out of each other's way as far as the business is concerned. She does her work and I do mine and I do not interfere in her work at all and she tells me what to do and when to do it and how to do it and checks that I have done it. It is what she calls a perfect working relationship.
     
    Posted: Sep 5, 2019 By: The Byre Member since: Aug 13, 2013
    #13
  14. Mr D

    Mr D UKBF Legend Free Member

    16,751 1,869
    Its also what some call 'marriage'.

    While some can handle working with their wife / husband / favourite animal etc it does not suit everyone. And domestic disputes can carry over to work easily.

    Have lost count of the number of people who were married to their business partners and lost considerably when relationship broke down. Never mind family members who ended up not speaking to each other and best friends that both lost out from business disagreements.
     
    Posted: Sep 5, 2019 By: Mr D Member since: Feb 12, 2017
    #14
  15. The Byre

    The Byre UKBF Ace Free Member

    8,978 3,506
    I've never actually had an argument with my wife. I almost never argue with anyone. The last time I disagreed with anybody, he ended up on the floor, out cold.
     
    Posted: Sep 5, 2019 By: The Byre Member since: Aug 13, 2013
    #15
  16. Financial-Modeller

    Financial-Modeller UKBF Regular Full Member

    394 111
    Five posts and you still haven't explained what you're looking for!

    That person is probably running their own business.

    but

    What skills do you actually need?

    To put it another way, what is stopping you achieving your stated objective of expanding further into the US?
     
    Posted: Sep 5, 2019 By: Financial-Modeller Member since: Jul 3, 2012
    #16
  17. HeadTurtle

    HeadTurtle UKBF Newcomer Free Member

    22 2
    The clue is in the title sir ;) This post wasn't about finding a partner, more about finding where I can connect with potential partners. But I feel that's irrelevant now, as I said, I think I need to look into all of my options.

    Thank you all for not sugar coating your responses. It's quite refreshing to get some honest feedback. Now how do I get out of this thread..... **taps escape key**
     
    Posted: Sep 5, 2019 By: HeadTurtle Member since: Sep 5, 2019
    #17
  18. fisicx

    fisicx It's Major Clanger! Staff Member

    30,936 9,070
    But you said:
    And:
    Which suggests you would struggle in a partnership.

    Your big problem is I don't really think you know what you want this partner to do.
     
    Posted: Sep 5, 2019 By: fisicx Member since: Sep 12, 2006
    #18
  19. HeadTurtle

    HeadTurtle UKBF Newcomer Free Member

    22 2
    Your feedback is appreciated, thank you, but please see my last post. This wasn't about finding a partner, more about finding a resource for connecting with potential partners. I guess I was hoping for a Linkedin type website with like minded people looking for the same thing.

    Regarding my lack of 'people skills', I think maybe I should watch my wording a little in future posts. What I meant was that my small talk game is appalling! So I struggle to network in the traditional sense. I'm a reasonable guy, and always willing to discuss work, as much as the wife hates my constant ramblings! I genuinely thought that a partnership would be the way to go when I started this thread, but I'm second guessing that now.
     
    Posted: Sep 5, 2019 By: HeadTurtle Member since: Sep 5, 2019
    #19
  20. Mr D

    Mr D UKBF Legend Free Member

    16,751 1,869
    One thing you may want to look into is a mentor. Discuss matters, learn what you don't know, have an experienced eye look over your ideas and plans. Without losing a chunk of your business.

    Volunteer ones may be somewhat harder to find but can use paid ones too.
     
    Posted: Sep 5, 2019 By: Mr D Member since: Feb 12, 2017
    #20