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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