Entrepreneurship & Small Business

Best way to find a new business partner

  • Last Updated:
  • Dec 5th, 2018 12:40 am
[OP]
Deal Addict
Sep 23, 2007
4565 posts
855 upvotes

Best way to find a new business partner

I think from my previous threads you heard me talking about selling my shares or otherwise exiting the business somehow. Actually I have a better idea after much soul searching. The business is still pretty solid. I think with some fresh blood it will turn around. We are going through winter so perhaps I hit panic mode a bit too early.

I'm thinking that all the shareholders can come to an agreement to sell some shares to someone new who can take on some responsibilities. Or at least from my portion if my partners don't want to sell. You see...we've hired people to do some brand level work before but it's hard to find the right person for the job. I feel that only someone with shareholdings will fundamentally give a damn and make the right decisions.

So I'm not planning to exit the business personally. I want to get someone on board with skill sets that don't currently exist within our team. Me or my partners will sell some shares to this person and we work together. My question is...how do I find such a person? I think there probably exists a lot of people who want to own a business or find business partners. I'm not aware of a community or a network where I can publish this info. Any tips?
5 replies
Jr. Member
Jan 19, 2004
199 posts
37 upvotes
Go to relatives/friends that may have the skills you're looking for. Tell your partners to do the same.

Alternatively, you can go to some business networking events (Meetup App) or even the Toronto Entrepreneurship Conference (tomorrow) to help find some like minded people.
Deal Guru
Aug 2, 2010
14005 posts
4003 upvotes
Here 'n There
Network Network Network. There is no other 'formula'. The more you get out there and talk to people the greater your chances. Some luck is involved of course.
Deal Fanatic
Jul 4, 2004
7979 posts
902 upvotes
Why not post a high level summary about what the business is? What is expected, etc. Who knows, you might even find someone on here with capital to invest.
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Deal Addict
User avatar
Aug 15, 2015
1513 posts
191 upvotes
Markham, ON
Before you put all this in motion, I would consult with your partners first to see how much they are willing to give up to a potential new person and you should also have a serious discussion with yourself about how much you are willing to give up.

After that, you and/or your partner can start looking for a new potential partner. You might end up rejecting all potentials. You could always goto a head hunter or go on shows like shark tank, etc.

You can recruit during the line up for the audition with the casting director before you are cut and not even appear on screen. I have never tried out for that show but this is what I deduced from watching an episode here and there. Some people apply year after year.

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