12d ago in General discussion
Criteria for choosing Partners
At the meeting yesterday we had a discussion and came up with 3 solid reasons for choosing a partner in any business.
- They have a skill and expertise that the founder doesn't have the time to learn right now and they're gonna speed them up. Something that can't simply be hired like an electrician, but you're hiring expertise in running the business.
2.They’re bringing in a network of people and relationships that is going to provide loads of business.
3. They’re bringing a substantial amount of money that equates to value that you'll be able to hire people, buy equipment, property, or do so much advertising, you're going to be busy.
Quantifying these accordingly obviously for when you give the equity percentages.
If they're not one of those three things, you probably don't need to make them a business partner. You just need to make them a well paid employee, with bonuses based on performance.
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Criteria for choosing Partners
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