Business Partner 4 Hire

The downsides of bringing on a (another) partner:

  • If you want to bring on a partner in your company who has skills that you don’t have, it’s probably going to cost you $200,000 a year for someone who is qualified, or about $16,000 per month.
  • It’s probably going to take 6 months for them to start earning what you’re paying them.
  • They may not share your values.  They may not work as hard, not value customer service like you do, not treat the employees with respect, etc
  • They may not know how to make money.
  • They may expect their small share of the company means they can make changes you don’t want.
  • They are going to want perks as well.  So now you’re up to $20K per month.
  • It’s really tough to fire them.  If you do, it’s going to cost you severance, and if you cut them into the company, it’s even more and more complicated.
  • You want to be in charge anyway.  You don’t mind getting advice, but you prefer to be in charge.
  • It’s very difficult to find a competent partner that might want to buy into your business.

Upsides of Hiring Paul to be your business partner.

  • You meet for an hour to 90 minutes per month.  $500 per month.  This is typical, although come clients prefer more interaction.
  • Paul provides total confidentiality.  Paul is a professional engineer and has an ethical obligation to maintain confidentiality.
  • Paul has helped advise over 100 business owners through his business advisor role, and while providing advice as part of a business peer-advisory group for 15 years.
  • Paul has a strong background in business structure, and managing people.  Paul started a business from scratch and grew it to 23 employees and $15M in sales.
  • Paul has a strong background in sales, having been a sales engineer for 25 years.
  • Paul has a strong background in helping enhance teamwork.
  • Paul has been involved with several company sales, acting alongside the owner as another set of eyes.  Paul sold his own company as well.
  • Paul has experience in writing partnership agreements – he’s not a lawyer, but he understands the business side.
  • Paul can help with big picture financial issues, although he’s not an accountant.  He can help advise how to deal with a bank and accountants.
  • Paul is certified in several assessments including DISC, Emotional Intelligence, and Hartman for helping identify key employees strengths, motivators, and emotional intelligence.

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