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Business founders/entrepreneurs

Shall I get a business partner?

5 replies

WhereTheWildFlowersAre · 26/01/2023 20:08

I've got this brilliant idea, I've done some market research and got good feedback. It's already to launch, I just need to start pitching it to clients BUT I'm feeling like I don't have the energy and time for it. I already run a successful business. I just don't think I can pull it off, 2 very unrelated businesses.

I could just park it, but I'm worried I'll always regret not giving it a go.

Or, I could get a partner who could run it, but that comes with it's own complications.

Any advice, that I haven't thought of?

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Hoppinggreen · 26/01/2023 20:10

Do you have someone in mind?
There will need to be a lot of trust and you also need to think whether you will expect £ input from them or just time
How will you structure it?

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Lavenderfowl · 26/01/2023 20:10

I’d be tempted to bring someone in to run the business you’ve already got - a manager not a partner - and then once they’re up to speed and running it to a standard you’re happy with, you can let go a bit and start up the other one. Definitely no business partner…much better solo!

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WhereTheWildFlowersAre · 26/01/2023 21:50

I'm a 50% shareholder of my current business, my partner wouldn't be up for bringing someone else on board to replace me, we've been working together for 12 years.

I don't have someone in mind, they wouldn't need to put any money in, just time, they need to be strong at sales. It's an online service company. No physical stock to sell.

I don't want it to take too much time away from myself that my current business partner feels like I'm neglecting our business. I've told her about the idea, she thinks it's a great idea, but it's not something she's interested in, as the role is sales focused and that is not her forte, she's also at a busy stage of her life - juggling young children and work.

Ideally, I'd like to offer someone 50:50 so they are equally invested, as I'd expect them to do the sales/business development. Or I contract out the sales on a commission basis?

I'd love to hear your thoughts of things I need to consider... I feel I've thought about this so much I can't see the wood for the trees.

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bumpytrumpy · 28/02/2023 22:45

Have you made any progress on this?

50% of something is more than 100% of nothing

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Fluffywithteeth · 05/04/2023 18:58

I’d be very cautious about bringing someone in as co founder …. Also if you are not putting in any time that will become a source of friction eventually…. Can you afford to hire a ceo? I’d say a mixture of equity and salary - and a compelling network of support they can draw on.

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