Finding A Partner

People generally seek one of two kinds of partners for their business. A silent partner is someone who contributes capital for a portion of the business but who generally is not involved in the day to day operations of the business. They may have input into the business plan and long term direction of the company but generally do not get involved in actually running the business or doing the work.

A working partner is someone who not only contributes capital to the business but contributes their skills and labor to the business as well. A working partner may bring skills to the business that the owner does not have or may contribute simply by taking over some of the duties the owner does not have time for. Business owners have often sought working partners as an alternative to hiring additional help, as this is one way to assure a degree of commitment and responsibility that they cannot find in employees, while also compensating their new partner based on the success of the company.

Whichever kind of partner you are seeking, think about taking on a partner as if you were selling a piece of your business, rather than the whole business. Essentially, the process and concerns are the same as if you were selling your business with the additional concern that you need to find someone compatible with you. After all, the right skills and background are meaningless if you cannot get along or don't agree on the direction the company should take in the long run.