As the title suggests: I need a new business partner.
I decided to start a business. I have the technical skills for the job but I lack actual marketing and strong human skills (I'm not good at convincing people to listen to me or breaking amazing deals).
I had a not so close friend that's really smart; his degree and all of his jobs (current one included) are in some sort of branch of marketing; on Saturdays he does workshops on communication skills, body language, etc.; he knows just enough graphical and web design to know how to make a great site and a great banner if he has one in mind; he is in the capital of our country (a ton of potential clients) and he's dealt with both people and companies alike and knows how to get along with them (great for attaining potential customers, business partners/ investors). He was perfect for the job! Except for one thing: he was too busy. He's working after hours to help some 40-50 y.o. writers launch their books, prepares his workshops, is trying to write his own book.
We started; the first few weeks were ok: I built the infrastructure, was gathering what tools we need, was researching what kind of people we must hire, how much money we need and how much we must stay afloat until the first cash would come in, what exactly are we targeting with our product, etc. He started thinking on the promotional packs, catchy phrases and a spiffy name for the company.
Then after about 1-2 months in, he wrote me out that he just doesn't have enough time to work full gear on this and he'd only slow me down since my side of the job was slowly getting to an end (I'm roughly 60-70% done; then I'll have to wait for the first clients before I need to get involved more) while his was barely beginning (10-20% done).
How do I go about this? Where/ how am I supposed to start searching for another partner? How can I make sure that the new guy ain't gonna steal the idea/ company?
No, my friends are all out of the question since they're lazy, uninterested, time wasters and feel-good chasers.
Any suggestions are highly appreciated.
[deleted] 11y ago
Never do business with friends or family.
Effective business transactions are made with equals which make decision on the sole concept of the business and their specific personal situation & risk assessment. Once friendship or family relations get thrown in the mix you end up with a lopsided value judgement which ultimately will lead to poor decision making.
Likely you don't need a business partner unless you need capital. If you don't need capital hire a consulting firm to do you marketing and reap the profits for yourself.
Successful business relationships are build on trust and competency not on friendship and validation.
Also if you worried about your idea being stolen hire a lawyer to write up a non compete clause and Non disclosure agreement. Have anyone interested in looking at your product sign it prior to revealing more than the most basic concepts. A couple hundred bucks today and a notary could save you millions later.
R3v4mp3d 11y ago
Well he is trustworthy and his competency is on par (as stated in the post). I don't have any issue with family/ friends in the business but I fully understand what you say: he was irreplaceable because among his many qualities and being my friend, he was formally great! The whole "we're friends" shit and all the emotional crap that normally comes along with that didn't affect neither me nor him. My main problem now is how I find someone with the same drive, skill set, and trustworthyness. I need someone that's willing to put his shoulder into it for free since I don't really have the cash to hire an employee/ agency to do the work. I need someone that believes in the company and is willing to ride along, not steal the idea.
Thanks for the reply.
Edit: if you think there's any other approach given the above info that I mentioned, please shoot.
[deleted] 11y ago
Not having issue with doing business with family and friends tells me your not ready to run a business. If you think divorce rape is bad family business rape is far worse.
R3v4mp3d 11y ago
I understand the whole people and feels thing. But I'm always on the lookout for smart and elevated people.
Yes I got burned in the past by working with friends and I have no intention of working with family since I have dumb and outdated parents.
As I said: I don't care what relationship I'm in with the guy that I'm working with as long as we're both smart enough not to let our relationship affect our work and our work affect our relationship.
That aside, I have no preference for friends/ family to be business partners; I just want a capable and intelligent person.