Loading...
Answers
MenuWith $28,000,000 in Appraised assets,What is the best approach- time spent to finding the right partner-resources.Let them find you or seek and find?
Time spent on operations verses trying to find the right partner that sees the vision, assets and opportunity to grow a great company is the challenge. Execute and create value or spent time on a result that might not occur when searching for resources. At CONTRIB, should we Let it come or seek and find is our time management question.
Answers
There are a couple of key questions embedded in your decision that aren't addressed in your description that make this difficult to provide input:
What are you looking to gain with a partnership? (capital, connections, expertise, access to customer base)
How much and on what timeline?
To use for what specifically? (equipment, facilities, labor, marketing)
How will it enable you to grow? (efficiencies, new markets, additional revenue streams)
Is your objective incremental organic growth, "hockey stick" growth or other?
How urgent is the need? (Do you have working capital? Are you pre-revenue, break even or positive? Is it sustainable?)
Happy to discuss in detail once I have a bit more perspective on your situation.
Best,
Tamarah
This answer was made easy for me because I first thought it was $28,000 in assets you had. To answer either amount of assets my feeling is you have to put yourself out there in every form you can related in your field. I wouldn't be asking for these partnerships directly because you will have to shift through a lot of dead wood. Just be more visible than you ever have through every online and offline medium you can. When the offers start coming in you can start to pick and choose the best of the best. If you seek them you immediately are in a inferior position but if they have search you out it's a whole new world. Think of it as the difference between inbound calls and outbound. When I promoted my last attorney and I figured a way to have the phone ring all day with clients, what a position I was in. I was often able to teach people how law was done these days my way and we ended up with the best clients with no competition. Hoped that helped. By the way I'm at $150 an hour right now just for fun but I will going back to $500 an hour as I was when I worked with the attorney. And if your wondering who this attorney is I have the letter of recommendation from him, thanks...Ken Queen
Related Questions
-
What are some side projects that turned into highly successful companies?
I started my business unexpectedly in 1994 when I found myself out of a job with $70K in debt. While it took me 90 days to land my first client, I picked up a job supervising a catering kitchen, and also went to teach evening education classes at three local universities in Atlanta. It is often better to have a deadline or be forced or you won't make the jump. It takes everyone a different amount of time. I was debt free and earning six figures in 18 months.Melissa GaltMG
-
I need partners to help my company launch. How many shares and/or how much profit do I offer to get them?
There are several factors to consider: 1. Profit share does not have to equal equity. As an example, two people can agree to split net profits 50/50 even though the percentage of equity is split 60/40. Just get it in writing. So find out their expectations for long term income and equity. Are they expecting a share of net profits or just the ability to recoup their investment when you sell the business? 2. What value do they bring to your business? Are they funding? Are they bringing significant contacts or the ability to secure contracts? Are they helping with infrastructure or product development? What would you pay someone in salary with no equity to do the same exact thing? 3. Are the short term or long term? In other words, once they help you launch, do they continue to have value in building the company? Or, are they no longer needed? There is no right answer to how you compensate them for helping you get started. But, try to look at all the value variables. Maybe that will help you identify what they are ultimately worth and what a fair, win-win offer would be. It sounds like they are very reasonable and you have a good opportunity to get their help for a reasonable compensation package. Good luck. If you would like to talk more about this at no charge, I offer a one time free call to new callers. Just use this link to schedule a call. https://clarity.fm/kevinmccarthy/FreeConsultKevin McCarthy - Founder, BlindSpots.comKM
-
So you got that great idea and are about to start making it reality. How do you know you're on the right path?
I believe that personal passion is the only sustainable way to pursue any idea and / or startup in the medium and longer term. In the short term, there's loads of other things that keep you going: momentum, money, press, great feedback, investor interest, new customers etc. What these things however do is it kickstarts your natural adrenaline making it easy to make progress. Once that adrenaline runs out though and when you reach a low point (of the rollercoaster), you're only left with the things you naturally have. So your own ambition, drive and passion are the things that will help get you out of that low point and kickstart the adrenaline again. And of those things, passion is the greatest motivator to do anything. If you are truly passionate about the idea or startup you are pursuing, I believe that you will do whatever it takes to succeed.Adii PienaarAP
-
What questions do you ask yourself when prioritizing ideas?
Hi, I've worked with start-ups, SMEs and corporates serving both the public and private sectors. I have 25 years of experience managing projects, programs, operations, engineering and technology-driven change and have served in both leadership and advisory roles internationally. Here are some essential things to think about when prioritising ideas: Why do it? | Does it align with vision, goals & values? | is it the most sensible next step (thinking holistically)? | is there something else with a better ROI | what's the opportunity cost (ie what can't be done if you do this)? | does this help remove critical uncertainties ie reduce risk? | is there an associated health, safety or environmental issue | when does it need to be completed? | will this help build momentum and commitment? | what are the dependencies? | can it be properly resourced? | are there clearly defined, measurable success criteria? | does this have the required level of executive support? | how well does it align with other initiatives? | do all key stakeholders agree on the emergent priorities? Feel free to come back to me with questions. Also, if you have a particular context I can get more specific. Cheers, TrevorTrevor LindarsTL
-
My company is growing and expanding.. do you suggest franchise or partnerships?
Can the model be franchised? Are your margins large enough such that a franchisee will be able to make a profit AND pay your franchise fees? If you go down the franchise route, you will be changing the nature of your business from being a gym operator to being a franchisor, or seller of business systems. Do you have your systems perfected to the point where someone will pay for them? Do you have the resources to start supporting the needs of franchisees? What kinds of needs will they have? Coaching, support, etc. They will be expecting innovation in marketing and product delivery from you. Are you prepared to sell off your existing locations as franchises and focus solely on this new business model for yourself? In 2007 I owned a small business with a partner and faced the same question you are now. In the end we decided to sell our operating company and sell the IP within our systems in a 'do it yourself business kit.' It's worked brilliantly because we required no further investment but get a cash flow from the materials. If you'd like an idea of how to format an attractive franchise opportunity. I recommend my recent book Franchise Warnings. Available from Amazon.David C BarnettDC
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.
